Washington, D.C. – Rep. Tom Graves (R-GA-14), chairman of the House Appropriations Committee’s Financial Services Subcommittee, released the following statement after voting in favor of the Financial CHOICE Act (H.R. 10), legislation to repeal and replace the Dodd–Frank Wall Street Reform and Consumer Protection Act:
“President Obama’s 2010 financial-sector takeover unleashed an avalanche of rules and regulations that killed countless jobs, and stifled the dreams of Main Street families and small businesses by limiting access to capital.
“Our Wall Street reform bill turns the page on President Obama’s misguided financial takeover. It strikes the right balance between protecting Americans’ financial future and eliminating unnecessary regulations so that more of Georgia’s families, entrepreneurs and businesses can grow and thrive.
“Importantly, our Wall Street reform bill also protects taxpayers. It ensures working families are never again asked to bail out any financial institution with their hard-earned tax dollars. It cuts the deficit by $24 billion and reforms the rogue Consumer Financial Protection Bureau (CFPB) and brings it under the regular government funding process. Currently, CFPB spends hundreds of millions of taxpayer dollars every year without congressional approval.”
More than 1,900 community financial institutions disappeared after Dodd-Frank was enacted in 2010.