Congressman French Hill Statement on Passage of CHOICE Act

WASHINGTON – Today, after the House passed H.R. 10, the Financial CHOICE Act, Congressman French Hill (AR-02) stated:

“As a former chief executive of a locally owned community bank in Little Rock until 2014, I saw firsthand the pernicious effects of Dodd-Frank on our industry. Although smaller financial institutions did not cause the 2008 economic crisis, they have borne the brunt of Dodd-Frank’s regulatory impacts. Our Committee has spent hundreds of hours in over 140 hearings and in meetings with regulators and industry experts to put together strong legislation that will reverse the Dodd-Frank institutionalization of ‘too small to succeed’ and ‘too big to fail.’

“Our bill also will increase government accountability by providing structural reforms to the least accountable federal agency—the Consumer Financial Protection Bureau (CFPB)—making it subject to appropriations and requiring comprehensive cost-benefit analysis for rule-makings. The American people want economic growth and they want a government that is accountable to them, the Financial CHOICE accomplishes both of these goals. I encourage Democrats in the Senate to work with Republicans to make sure the principles of this legislation are made into law in order to provide much-needed relief for our community banks and help spur growth in our local economies.”