Congresswoman Vicky Hartzler (R-MO) voted last week to remove Dodd Frank regulations that treat wealthy Wall Street financial institutions the same as small, community banks. The Financial Choice Act of 2017, H.R. 10, eliminates burdensome, unnecessary regulations for small, local banks and allows them to begin investing in the local economy by giving people access to credit.
“The CHOICE Act rolls back Dodd Frank regulations that hurt small, community banks and prevent Missourians from getting the funds they need to start a business or buy a home,” said Congresswoman Vicky Hartzler. “Dodd Frank was supposed to go after the big banks. It has done the opposite, hurting small town banks and credit unions and causing one of them to close each day. It’s time to right this wrong.”
“The Financial CHOICE Act removes onerous federal regulations hurting Main Street,” Hartzler added. “Starting a business or buying a home has always been a key part of the American dream, and now that dream is one step closer to reality for Missouri families.”
Additionally, the bill reins in the Consumer Financial Protection Bureau (CFPB) by subjecting it to the Congressional appropriations process, ensuring that a more effective cost-benefit analysis is conducted by financial regulators and providing much needed regulatory relief for smaller community financial institutions.
“We’re excited about the CHOICE Act. Especially as community banks, we thought that Dodd Frank was just a broad brush that included community banks that weren’t necessarily part of the problem,” said Rob Barrett, President of Heritage State Bank and Chairman of the Missouri Banker’s Association. “It has really handcuffed the way we can help customers. During a time when we really wanted to get the housing market going again we were handcuffed with new regulatory requirements that really made it that much more difficult for us to make home loans. Therefore, there was no home loan recovery in the smaller communities. We appreciate Congresswoman Hartzler’s support because I think it is critical that we get Dodd Frank corrected.”
“Vicky Hartzler’s support of the CHOICE Act is a big step toward injecting life into our local economy and protecting small, community banks from the heavy-handed regulations coming out of Washington,”said Matt McCormick, President of the Columbia Chamber of Commerce. “This law helps remove the red tape that is suffocating local banks and keeping Missouri families from getting the loans they need. I’m glad this action is being taken to put Missouri families and businesses first.”
“One-size-fits-all regulations cost consumers and don’t work as intended,” said Brad Douglas, President/CEO of the Heartland Credit Union Association. “Passing the Financial CHOICE Act is an important step that begins to rein in growing over-regulation that hurts consumers, credit unions and our communities in Missouri and across the country.”