Ferguson Votes to Give Consumers Greater Financial Freedom, Access to Capital
WASHINGTON, DC – Congressman Drew Ferguson (R-Ga.) today voted for the Financial CHOICE Act. This legislation would cut the regulatory burden imposed by Dodd-Frank.
“After the 2008 global financial crisis, our state experienced more bank failures than anywhere else in the nation,” said Ferguson. “Instead of creating stability and incentivizing much-needed economic growth, Dodd-Frank only continued to harm our banks and Main Street economy. It is high time for Congress to correct the mistakes of Dodd-Frank.”
A few provisions of this bill would:
- Increase access to capital for individuals and small businesses by repealing ill-conceived Dodd-Frank regulations.
- End taxpayer funded bailouts for big banks.
- Overhaul the Consumer Financial Protection Bureau into a law enforcement agency, rather than a rule making one.
- Enact the toughest penalties for financial fraud in United States history.
“I am proud to have voted for this legislation that focuses on protecting consumers, not bureaucrats or big banks,” said Ferguson. “The Financial CHOICE Act will free community banks and credit unions to invest in their neighbors again and gives Main Streets across the Third District, Georgia and the United States the opportunity to grow and thrive in a 21st century economy.”
The bill passed the House 233-186 and heads to the Senate for consideration.