Cole Applauds Passage of H.R. 10, The Financial CHOICE Act

Washington, D.C.– Congressman Tom Cole (OK-04) released the following statement after the U.S House of Representatives passed H.R. 10, the Financial CHOICE Act by a vote of 233-186. The Financial CHOICE Act is comprehensive legislation to fundamentally alter the Dodd-Frank Act, enacted in 2010 in response to the financial crisis of 2007-2008.

"This legislation will provide regulatory relief to America's community banks and credit unions and will consequently improve the business climate for small businesses. The 2008 financial crisis was caused in large part by big Wall Street investment banks. Unfortunately, when Congress passed Dodd Frank in 2010, they imposed the same regulatory burden on community banks and credit unions that were intended to rein in the excesses of the big banks who were responsible for the crisis. Holding small banks to the same standard as the largest banks ignores the obvious differences between Wall Street and Main Street. The Financial CHOICE Act will restore common sense to banking regulations which will subsequently accelerate economic opportunities for America's entrepreneurs."