Collins Supports Financial Choice Act to Roll Back Dodd-Frank
WASHINGTON—Congressman Doug Collins (R-Ga.) today voted in favor of H.R. 10, the Financial CHOICE Act, helping the bill to pass the House of Representatives by a margin of 233-186.
The Financial CHOICE Act reverses many of the regulations established by the Dodd-Frank Act in 2010.
“Dodd-Frank established a legion of heavy-handed, inconsistent regulations that have burdened our community banks and, therefore, our community members—especially those in rural and low-income contexts.
“The Financial CHOICE Act provides comprehensive reform that restores balance to America’s financial landscape, rolls back bureaucratic overreach and delivers accountability to the rogue CFPB. Northeast Georgia businesses, farmers and families have suffered under Dodd-Frank’s regulatory tyranny, and today we're bringing opportunity back to our neighbors,” said Collins.
The bill would reform the Consumer Financial Protection Bureau (CFPB) and effectively delay the implementation of the Fiduciary Rule.
This legislation also applies the principle outlined in the REINS Act, introduced by Collins last January, to all financial regulators. This means that any new rules set forth by institutions like the Treasury Department, Securities and Exchange Commission or CFPB would have to receive Congressional approval if their costs exceeded $100 million.
The bill will proceed to the Senate for consideration.