Webster Votes to Bring Small Business Regulatory Relief
Washington, D.C. – Today, I voted to pass the Financial CHOICE Act (HR.10) and end the Obama-era Dodd-Frank Act, which was responsible for the largest increase in bureaucratic red-tape in history and resulted in the slowest economic recovery since WWII.
The Financial CHOICE Act gives both consumers and small businesses more choices when it comes to accessing capital, which is the fuel of a growing economy. Employing over 55 percent of today’s workforce, small businesses play a vital role in our nation’s economic health. This bill corrects the errors of Dodd-Frank, specifically the heavy regulatory burdens placed on both lenders and small businesses that led to the anemic growth of the Obama years.
“Dodd-Frank regulations disproportionately burden small companies and prevent them from competing”, said Congressman Daniel Webster (R-FL). “As a small business owner, I understand the importance of fair competition, and the Financial CHOICE Act will ensure equal opportunity in the financial sector, not an emphasis on big business. I thank Rep. Jeb Hensarling for his commitment to this bill. After years of defeat, with President Trump in the White House this bill has the opportunity to become law.”
The Financial CHOICE Act will:
- Offer a massive regulatory relief to Community Banks and Credit Unions who do not have massive regulatory compliance departments to be able to handle the same regulatory burden as the big banks, so that consumers have more financial choices.
- Put in place the harshest penalties on Wall Street for fraud and deception, providing more protections for consumers and small business owners.
- Ends the taxpayer-funded bailouts of the “too big to fail” banks, forcing banks who fail due to predatory behavior to go through a guided bankruptcy process.