Rep. Cook Votes to Overhaul Burdensome Financial Regulations
WASHINGTON – Rep. Paul Cook (R-Apple Valley) today voted 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, was a massive 2,300-page rewrite of America’s financial laws that imposed significant costs on the economy, financial institutions, and American consumers, investors, and small businesses.
This new legislation will end taxpayer-funded bailouts once and for all and ensure no company remains “too big to fail.” It also holds Wall Street accountable with the toughest penalties in history for fraud and deception, by increasing the maximum criminal fines for individuals and firms that engage in insider trading and other corrupt practices
In addition, the legislation reins in the Consumer Financial Protection Bureau (CFPB) to empower all Americans to achieve financial independence. It will provide accountability by subjecting the agency to Congressional oversight and the normal Congressional appropriations process. The bill also redefines the agency’s vaguely defined ability to determine which financial products and services Americans can purchase and requires the CFPB to obtain permission before collecting consumers’ personally identifiable information.
Lastly, the bill increases opportunities for small businesses, innovators, and job creators by eliminating bureaucratic regulations that are stifling access to credit and capital. It relieves well-capitalized banks and credit unions from the most onerous regulations of the Dodd-Frank Act and abolishes the one size fits all regulatory approach that has harmed small banks by providing regulatory relief bills for community financial institutions.
Rep. Cook said, “The Financial Choice Act of 2017 holds Wall Street accountable while empowering Main Street. This bill is good for the economy, provides much-needed relief to small businesses, and empowers individuals to make decisions about their financial future. Congress has an obligation to get our economy moving and this bill is a big step forward.”
A member of the House Foreign Affairs, Armed Services, and Natural Resources Committees, Cook served as an infantry officer and retired after 26 years as a Colonel in the U.S. Marine Corps. During his time in combat, he was awarded the Bronze Star and two Purple Hearts.