House Passes Financial CHOICE Act to Help Main Street America
For Immediate Release
Contact: Kyle Huwa, 202-225-4676
Washington, D.C. – Today, the House passed the Financial CHOICE Act by a vote of 233 to 186. The House also passed, on a bipartisan 233 to 185 vote, an amendment to the CHOICE Act offered by Congressman Ken Buck (CO-04) that makes more efficient use of the Consumer Financial Protection Bureau (CFPB) headquarters building in Washington, D.C.
Financial CHOICE Act
The CHOICE Act holds Wall Street accountable, reins in the CFPB, and improves economic growth and job creation by increasing access to capital and banking services. The bill replaces the Dodd-Frank Act, a law that has benefited big banks to the detriment of small community banks in Colorado.
“The Financial CHOICE Act was written for Main Street, not Wall Street,” Congressman Ken Buck stated. “The CHOICE Act will roll back those costly regulations that prevent our local banks from offering the services our community deserves.”
Many Colorado banks have been significantly impacted by Dodd-Frank.
Josie Huelskamp, Senior Vice President at FirstBank in Colorado, stated, “While Dodd-Frank was well intentioned, these complex regulations limit our ability to provide needed financing to even some of our most trustworthy, long-term customers who impact job creation, economic prosperity and community development. This is why we support the CHOICE Act because it will allow our bank to better serve customers and, therefore, the Colorado community.”
Congressman Buck spoke about his support for the CHOICE Act in this video: https://youtu.be/1DBmZ2tdf5k.
Congressman Buck’s Amendment
The Financial CHOICE Act makes changes to the CFPB which will likely result in different real estate needs for the agency. Congressman Buck’s amendment to the CHOICE Act requires a study to determine if the current CFPB building is a cost-effective use of taxpayer dollars. If the study determines their real estate needs have changed, and there is no other government agency that can utilize the building, it authorizes the sale of the property.
“The lavish, $200 million renovation of the CFPB’s headquarters was a waste of taxpayer money,” Congressman Ken Buck stated. “My amendment simply ensures that we use the CFPB’s current office space as efficiently as possible.”