I can’t believe what I am reading lately.  After 8 years of liberal policies, I guess I forgot what it’s like to see more conservative actions taken by the federal government.

President Trump vowed to get rid of two regulations for every new regulation proposed.  I don’t know how that has worked to date, but just the fact that he’s talking about it is big.  Our nation is filled with politicians who promise to fix everything for everyone.  By “everyone,” they mean the Takers (non-producers).  Eventually, we will run out of the Producers (if we haven’t already), who sustain all the government programs for the rest of the Takers in the country.  To fix everything for everyone is an impossible task.

For once, there is good news in the business world.

Below, you will see a step in the right direction with the U.S. House of Representatives passing the Financial CHOICE Act.  It will dismantle many of the 400 plus overburdening regulations of Dodd-Frank.  It is estimated to save $10 billion dollars a year and the 10.3 million hours spent regulating it.

More importantly,  the CHOICE Act is modifying the CFPB (Consumer Financial Protection Bureau).  The CFPB is exactly what communist organizations with dictatorships are made of.  It starts out benign and years down the road becomes incredibly powerful with the leaders of the organization having no accountability.  Here is what Rep. Andy Biggs (R-Ariz.) had to say about it in his article below.

The most important aspects of the CHOICE Act are reforms to the CFPB and regulatory relief for Main Street America. Democrats created the CFPB as an independent agency, accountable to no one – not even the president – regulating for consumer credit. A single, unelected bureaucrat was inappropriately given jurisdiction over regulating mortgages, credit cards, bank accounts, and consumer credit. An appellate court noted that, “…Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. That is not an overstatement.

It is refreshing to see these types of actions taking place in the swamp Congress.  –Greg

 

The CHOICE Act will reverse the overregulation created by Dodd-Frank

By Rep. Andy Biggs (R-Ariz.), Opinion Contributor for The Hill – 06/07/17 05:45 PM

This week, the U.S. House of Representatives will pass the Financial CHOICE Act. It will eliminate the idea of “too big to fail,” which actually meant “too small to grow.” It will provide regulatory relief to the financial services industry by rolling back unnecessary government intrusion into our financial system. This result is that American consumers and small businesses will have more access to capital. This will, in turn, create jobs.

During the 2007 housing crisis that disabled the American economy and caused the Great Recession, Congress authorized trillions of dollars of new spending to prop up the economy and bailout large banks that had made risky investments. Rather than letting the market react and guide banking practices going forward, Democrats pushed for regulations to the financial industry that they argued would prevent a similar crisis in the future. After President Obama’s election in 2008, the Democratic-led Congress went to work, and ultimately passed the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Dodd-Frank legislation produced over 400 new crippling regulations to the American financial sector, including more than five times as many new restrictions as any other law passed since 2009. The result: the weakest economic recovery in 70 years. The legislation actually enshrined bailouts in permanent law, and created a lopsided system wherein big banks grew bigger while community banks and credits unions closed at an average of one per day. Because of Dodd-Frank, Americans face higher bank fees, more expensive mortgages, and the negative impacts of the Consumer Financial Protection Bureau (CFPB), one of the most powerful and least accountable agencies in our nation’s history.

Implementing Dodd-Frank has cost billions of dollars and the countless new regulations and restrictions have resulted in millions of hours of compliance work. In fact, the federal government alone has hired nearly 3,000 new full-time employees to enforce compliance to the onerous new regulations. The American economy will not fully recover until many of Dodd-Frank’s “reforms” are repealed.

Enter the CHOICE Act – Republicans’ alternative to these disastrous policies. The CHOICE Act truly ends the era of taxpayer-funded bailouts, repeals many onerous regulations, and ensures that no bank can be labeled “too big to fail.” It also sets tough penalties for Wall Street fraud and deception and reins in the administrative state to ensure that Congress, not unelected bureaucrats, have oversight of financial regulators.

The most important aspects of the CHOICE Act are reforms to the CFPB and regulatory relief for Main Street America. Democrats created the CFPB as an independent agency, accountable to no one – not even the president – regulating for consumer credit. A single, unelected bureaucrat was inappropriately given jurisdiction over regulating mortgages, credit cards, bank accounts, and consumer credit. An appellate court noted that, “…Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. That is not an overstatement.”

The CHOICE Act ends this frightening consolidation and abuse of bureaucratic power by limiting its role to enforcement of pre-existing consumer protection laws and providing oversight of the agency for Congress and the president. According to the American Action Forum, the CHOICE Act also “eliminates $10 billion in annual regulatory costs and saves 10.3 million hours of paperwork.” This, in large part, is why over 100 organizations and associations around the country, including the Arizona Bankers Association, strongly support the Financial CHOICE Act.

Dodd-Frank Act was an overreaction to historic crisis within our financial industry that never actually addressed the problem. Instead, it overcorrected and relied too heavily on government to solve what only the free market can. The Financial CHOICE Act strays from the “Washington-knows-best” attitude and rightly bets on the American consumer and the free market. That is why I will be voting yes on this legislation.

Biggs represents Arizona’s 5th District.