Stefanik Votes to End “Too Big to Fail” and Bank Bailouts
Washington, DC – Today, Congresswoman Elise Stefanik (R-NY-21) voted in support of H.R. 10, the Financial CHOICE Act. This important legislation replaces the 2010 Dodd-Frank financial overhaul with a system that ends taxpayer funded bailouts once and for all and ensures no company remains “too big to fail”; holds Wall Street accountable with tough penalties for fraud and deception; and provides opportunities for small businesses, innovators and job creators by eliminating onerous regulations that stifle access to credit and capital.
“When I meet with local financial institutions, one of the most frequent concerns I hear about is that Dodd-Frank has led to crippling government overreach and excessive regulation,” said Congresswoman Stefanik. “The CHOICE Act pushes back against this excessive regulation so that our local financial institutions can give needed capital to allow our small businesses to thrive. Furthermore, this important legislation ends the ‘too big to fail’ framework that led us into trouble in the first place. I am committed to helping grow our North Country economy, and this legislation is a critical reform to aid our local businesses, innovators and job creators.”
Click here for a summary of the Financial CHOICE Act.
What They’re Saying:
Statement of Michael P. Smith, President & CEO, New York Bankers Association: “The CHOICE Act is a strong first step in achieving meaningful regulatory reform for banks. The New York Bankers Association has long supported several important provisions of the bill, such as a tailored approach to regulation, special treatment for mortgages that are held in the bank’s portfolio, repeal of the Volcker Rule, charter flexibility for thrifts, and a streamlined process for examination appeals. Banks are eager to shed some of the most onerous burdens of Dodd-Frank. The CHOICE Act will help the industry perform its vital role of building robust local economies.”
William J. Mellin, President/CEO of the New York Credit Union Association, said: “Credit unions are member-owned, not-for-profit financial cooperatives that have been overwhelmed with a torrent of regulations in recent years. The Financial CHOICE Act is an important first step in shifting power away from federal agencies in Washington and back into the hands of local, community-based businesses. We commend Rep. Elise Stefanik and her colleagues for their leadership and support on this legislation, and we look forward to working closely with the Congresswoman on future reforms that will benefit North Country residents and all New Yorkers.”
Linda Bourgeois, President/CEO of UFirst Federal Credit Union in Plattsburgh, said: “New York’s credit unions are excited about the prospect of real regulatory relief, and the Financial CHOICE Act is an important first step. We’d be remiss if we didn’t thank the House leadership, Chairman Hensarling and Rep. Stefanik for their efforts in addressing regulatory reform. We hope Congress will continue to build on this momentum and pursue legislation to exempt credit unions from regulations that are intended to target the largest financial institutions.”