Rep. Collins working to pass the Financial CHOICE Act

Last week, Congressman Doug Collins voted in favor of H.R. 10, the Financial CHOICE Act, which helped the bill pass the House of Representatives by a margin of 233-186.

The Financial CHOICE Act reverses many of the regulations established by the Dodd-Frank Act in 2010.

According to Collins, the Dodd-Frank Act established inconsistent regulations that have burdened community banks and in turn, community members, especially in rural and low-income contexts.

Collins said that he voted for this act because he has seen banks and businesses suffering because of the Dodd Frank Act.

“One of the things I’ve ran on since coming to Washington D.C. was the regulatory burden that is on our families,” said Collins. “I see banks in Northeast GA who can’t lend money anymore, I see regular businesses who can’t get the capital they need to hire employees and buy more product.”

According to Collins, the Choice ACT repeals Dodd Frank.

“The Choice ACT repeals Dodd Frank,” said Collins. “In fact, it makes sure that those Wall Street banks, if they do the things that they did before, they’ll have to go to bankruptcy instead of having a government bail out. It also reforms the Consumer Financial Protection Bureau, the ones that have been putting regulatory burdens and keeping people from doing what they need to do.”

This legislation also applies the principle outlined in the REINS Act, introduced by Collins last January, to all financial regulators.

The bill will proceed to the Senate for consideration.