Palazzo Votes to End Dodd-Frank
Washington, DC – Congressman Steven Palazzo (MS-4) released a statement today following House passage of H.R. 10, The Financial CHOICE Act:
“I was sent to Washington to help create jobs, cut red tape and foster an environment where our economy can grow. Dodd-Frank has done just the opposite and was one of the worst pieces of legislation from the Obama era. The CHOICE Act offers the relief that our economy has been begging for, and I am happy to see some of the most burdensome and harmful regulations from Dodd-Frank finally repealed. The Senate should take up our legislation immediately.”
The CHOICE Act offers provisions that significantly reform our financial services such as diminishing the “too big to fail” policies and bailouts, and restructuring the Consumer Financial Protection Bureau to put it under the congressional appropriations and oversight process. It also strengthens penalties against Wall Street for corruption and mandates that any new major rules or regulations imposed by financial agencies are subject to congressional approval under the Regulations from the Executive in Need of Scrutiny (REINS) Act. The CHOICE Act also makes the CFPB director removable at will by the president.