FreedomWorks is proud to announce that our bill of the month for June 2018 is H.R. 5470, sponsored by Rep. Ted Budd (R-N.C.). The bill would repeal the Office of Financial Research (OFR), a new independent agency within the Department of the Treasury that was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) to help spot the next financial crisis.

On behalf of our activist community, I urge you to contact your representative and ask him or her to support the Federal Reserve Regulatory Oversight Act, H.R. 4755, introduced by Rep. Warren Davidson (R-Ohio). The bill would increase oversight over the Federal Reserve, whose regulatory power is far too overreaching, by subjecting its regulatory activities to the congressional appropriations process.

A recent Wall Street Journal article has surprisingly good news: US companies are seeing the highest profit growth in two years with “two consecutive quarters of double-digit profit growth for the first time since 2011.” This surprisingly comes not from policies pursued in Washington, but the hard work of the private sector.

Is this spike in job growth a sign that businesses are hopeful for the economy under the Trump administration? According to the May 2017: ADP Employment Report, the private sector added 253,000 jobs in the month of May, up from 174,00 jobs added in April. Small businesses account for one-third for the workforce creating 83,000 new jobs last month with increases in construction, education and health, and professional business services.

There has been much debate over the past week about the Financial CHOICE Act introduced by Chairman Jeb Hensarling (R-Texas). The bill, which FreedomWorks supports, would significantly reform the Dodd-Frank Wall Street Reform and Consumer Protection Act that was passed in 2010 to purportedly address the causes of the 2007-2008 recession.

The House Financial Services Committee held a hearing on Wednesday on the Financial CHOICE Act, which was recently introduced by Committee Chair Jeb Hensarling (R-Texas). The bill would greatly reform the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill has been introduced for the past two congressional cycles and is now once again up for critical evaluation.

On behalf of our activist community, I urge you to contact your representatives and urge them to cosponsor the Financial CHOICE Act, H.R. 10, introduced by House Financial Service Committee Chairman Jeb Hensarling (R-Texas). The bill would create more accountability in the United States’ financial system, end the “too big to fail” mentality, and promote economic growth.