This week, the U.S. House of Representatives will pass the Financial CHOICE Act. It will eliminate the idea of “too big to fail,” which actually meant “too small to grow.”
It will provide regulatory relief to the financial services industry by rolling back unnecessary government intrusion into our financial system.
This result is that American consumers and small businesses will have more access to capital. This will, in turn, create jobs.
During the 2007 housing crisis that disabled the American economy and caused the Great Recession, Congress authorized trillions of dollars of new spending to prop up the economy and bailout large banks that had made risky investments.
Rather than letting the market react and guide banking practices going forward, Democrats pushed for regulations to the financial industry that they argued would prevent a similar crisis in the future.
After President Obama’s election in 2008, the Democratic-led Congress went to work, and ultimately passed the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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