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Congressman Bob Latta (R-Bowling Green) joined his colleagues in passing landmark financial reform that would revitalize main street, provide relief for small and community banks, and roll back the most burdensome aspects of the Dodd-Frank regulatory bill. H.R. 10, the Financial CHOICE Act, ends taxpayer bailouts of Wall Street banks and cuts the deficit by $24 billion. More than 1,900 banks closed their doors between the implementation of Dodd-Frank and 2014 as regulations were greatly expanded.
 
“The effect of Dodd-Frank on small, community banks is an example of government taking a problem and making it much worse,” said Latta. “Instead of protecting taxpayers from Wall Street bailouts, small banks on Main Street were flooded with new rules and regulations that have made it difficult to operate. In the most egregious cases, small banks in my district would end up with more regulators in their bank than employees. Our country is losing the equivalent of a bank a day since the implementation of Dodd-Frank.
 
“The Financial CHOICE Act gives banks the option to have greater regulatory relief if they meet capital reserve requirements. It will also ensure that not one cent of taxpayer money is spent on bailing out Wall Street, and it ends the disastrous policy of ‘Too Big Too Fail.’ At the same time, federal regulatory agencies will be reined in by requiring that any new major rule must be approved by Congress, ensuring any regulation that has an $100 million impact will be thoroughly vetted and evaluated. With the majority of loans originating from community banks, the Financial CHOICE Act is a win for the small businesses that are served by these local banking institutions.”
 
In addition, the Financial CHOICE Act enhances penalties for financial fraud and self-dealing and gives the Securities and Exchange Commission the ability to levy greater financial penalties for fraud, deceit, and manipulation that result in investor losses.
 
The bill also repeals the Department of Labor’s fiduciary rule which will have a negative effect on retirement advice for lower- and middle-income families.
 
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