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FreedomWorks today announced its support of H.R. 5983, the Financial CHOICE Act of 2016 introduced by Rep. Jeb Hensarling (R-Texas). The legislation is expected to be marked up on Tuesday, September 13 by the House Financial Services Committee.
After the 2008 recession, Dodd-Frank raised the barrier to entry so high that many small financial institutions are unable to compete with banks that are too big to fail. The financial crisis was brought on in part by governmental regulation and housing policies. The proper response to such an issue is not more regulations.
In a free market, competition is a must and the market should be allowed to correct itself. Instead, the recession was met by market distortions, an ever-increasing amount of regulations, and the bailout of a number of large financial institutions.
“If signed into law, the bill would end the era of too big to fail, and would move banking and financial decisions away from Beltway and back to Main Street,” said FreedomWorks CEO Adam Brandon. “This bill is balanced, meets key conservative criteria, and should continue to move through the House to final passage.”
The Financial CHOICE Act will end regulations that stifle entrepreneurship and will make it so Wall Street can be held accountable. FreedomWorks supports this legislation and urges its passage.
FreedomWorks aims to educate, build, and mobilize the largest network of activists advocating the principles of smaller government, lower taxes, free markets, personal liberty and the rule of law. For more information, please visit www.FreedomWorks.org or contact Jason Pye at JPye@freedomworks.org.