Today, the House passed a plan aimed at scaling back some of the most harmful provisions of the 2010 Dodd-Frank financial reform law. CEI senior fellow John Berlau offered the following statement praising today’s vote and urging the Senate to pass similar legislation.
The Financial CHOICE Act is packed with provisions to restore choice and opportunity to middle-class investors and consumers and small businesses and accountability to Wall Street and Washington. Just as Obamacare diminished Americans’ choices of health insurers and doctors, so have Dodd-Frank and other rules — including Sarbanes-Oxley from the Bush era — greatly reduced options to invest, obtain loans, and raise capital. Now it’s time for the Senate to advance similar legislation to restore Americans’ financial choices.