Vote YES on HR 10

June 8, 2017

U.S. House of Representatives
Washington, D.C.  20151

Dear Representative,

You will soon consider H.R. 10, the Financial CHOICE Act.  On behalf of the more than one million members and supporters of the Council for Citizens Against Government Waste (CCAGW), I urge you to support this legislation. 

The enactment of the Dodd-Frank Act in 2010 dramatically increased the regulatory burden and compliance costs for “Main Street” banks, credit unions, and other smaller financial institutions, while allowing bailouts for “too-big-to-fail” banks.  As a result, smaller banks have been forced to charge higher fees, resulting in reduced access to financial services for average Americans. 

The Financial CHOICE Act focuses on several key objectives:  End the bailouts of too-big-to-fail banks; enhance penalties for fraud and deception by financial institutions; increase transparency of financial regulators; and direct the Government Accountability Office to perform an audit of the Federal Reserve within 90 days of enactment.  It also reforms the Consumer Financial Protection Bureau and abolishes the unaccountable Office of Financial Research.  Through these reforms, the legislation would reduce the federal deficit by $24.1 billion over the 2017-2027 period. 

I urge you to support the Financial CHOICE Act.  This legislation will end taxpayer-funded bailouts for financial institutions, rein in unnecessary federal regulations, and increase access to financial services for average Americans.  All votes on H.R. 10 will be among those considered for CCAGW’s 2017 Congressional Ratings.

Sincerely, 

Tom Schatz
President, CCAGW

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