Cook Votes To Supplant Dodd-Frank Wall Street Reform With HR 10

Congressman Paul Cook (R-Apple Valley) voted on June 8 for HR 10, the Financial Choice Act of 2017. The bill passed the House by a margin of 233-186.
The Financial Choice Act of 2017 amends the Dodd-Frank Wall Street Reform and Consumer Protection Act and other financial regulatory laws. Dodd-Frank, passed in 2010, substantially redrafted America’s financial laws, adding regulatory protection following the Wall Street meltdown of 2007. Some objected to its scope, complaining of the costs imposed on financial institutions, American consumers, investors, and small businesses.
Proponents of HR 10 say it will end taxpayer-funded bailouts and ensure no company remains “too big to fail.” They say it holds Wall Street accountable with penalties for fraud and deception, by increasing the maximum criminal fines for individuals and firms that engage in insider trading and other corrupt practices.
The legislation reins in the Consumer Financial Protection Bureau (CFPB), subjecting the agency to Congressional oversight and the normal Congressional appropriations process, seen by some as a compromise of the bureau’s potential effectiveness. HR 10 redefines the agency’s charter to determine which financial products and services Americans can purchase. Asserting the bill increases opportunities for small businesses, innovators, and job creators by eliminating bureaucratic regulations, Cook said, “The Financial Choice Act of 2017 holds Wall Street accountable while empowering Main Street. It relieves well-capitalized banks and credit unions from the onerous one-size-fits-all regulatory approach that has harmed small banks. This bill is is a big step forward and good for the economy, provides much-needed relief to small businesses, and empowers individuals to make decisions about their financial future.”

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