Mortgage

More Republican representatives speak out against CFPB

Representatives reach out to constituents in local publications

As the hearing date nears to discuss the updated version of the Republican-led Financial CHOICE Act, which aims to replace Dodd-Frank, more Republican representatives are speaking out against the Consumer Financial Protection Bureau in their local publications.

Spearheaded by Jeb Hensarling, R-TX, who is the House Financial Services Committee Chairman, the Financial CHOICE Act of 2017 is the top bill in the running to replace Dodd-Frank.

Hensarling revealed the full version of the Financial CHOICE Act of 2017 last week and also announced a hearing on April 26 to discuss the updated version of the act.

The bill is aimed to replace Dodd-Frank with a “pro-growth, pro-consumer” alternative that would end “too-big-to-fail” bailouts, bring significant reforms to the Consumer Financial Protection Bureau, and provide some regulatory relief for certain financial institutions.

Given the growing attention behind the Dodd-Frank Wall Street Reform Act, including an executive order from President Donald Trump to beginning rolling the act back, Republicans representatives have been coming out with commentaries in their local publications, telling constituents what’s wrong with Dodd-Frank and the CFPB. 

Here are experts from two more Republican representatives.

From Rep. Bill Huizenga, R-Mich., in The Detroit News:

According to its supporters, Dodd-Frank was a panacea of regulatory solutions that would end “too big to fail” and prevent a future financial crisis.

In reality, Dodd-Frank has made it even more difficult for struggling families across Michigan to secure a future for themselves and for their children.

To restore economic opportunity to hardworking families, I am working with my colleagues on the financial services committee to introduce the Financial CHOICE Act. This commonsense legislation will protect consumers by restoring accountability, ending taxpayer bailouts, and providing regulatory relief for community financial institutions.

From Rep. Robert Pittenger, R-N.C., in The Charlotte Observer:

July 21 marks the sixth anniversary of the Consumer Financial Protection Bureau’s creation. Created with good intent following the financial crisis, CFPB’s breathtaking lack of accountability and proclivity for excessive regulations have harmed consumers and made it difficult for businesses to create jobs.

As Charlotte’s representative on the House Financial Services Committee, I am working to pass the Financial CHOICE Act, which would create accountability for the CFPB and replace the unelected “financial dictator” with a bipartisan committee.

For commentaries from other representatives, check here.

 

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