WASHINGTON, D.C. --- Congressman Leonard Lance (NJ-07) supported the Financial Choice Act which repeals the Dodd-Frank Law that created bank bail outs with taxpayer money and imposed regulations that contributed to the closing of forty-two New Jersey community banks.
“The Dodd-Frank Law is an example of over-regulation costing jobs. Forty-two community banks in New Jersey have been put out of business since the enactment of Dodd-Frank. Despite having nothing to do with the financial crisis, community banks, their hundreds of employees and thousands of customers have felt the brunt of this law. The Choice Act repeals onerous provisions of the law and ends ‘too big to fail,’ putting big banks on notice that they – not taxpayers – will be on the hook for risky investments.”
Lance also supports the strong consumer protection provisions in the Financial Choice Act:
* Increases in civil penalties for securities laws violations.
* Empowering the Securities and Exchange Commission to impose penalties in cases involving fraud, deceit, manipulation, or disregard for consumer interests.
* Updating the money penalties imposed by the Sarbanes-Oxley Act.
* Updating the civil and criminal money penalties for insider trading violations.
Lance added that those who have lost the most under Dodd-Frank are those who can’t afford to take their business elsewhere. “Those in hardworking neighborhoods have fewer options for services such as free checking. One-size-fits-all financial policies from big banks have meant higher thresholds for saving accounts, for waiving of credit fees and for other consumer options.”
“The Financial Choice Act is a better way forward. It reverses many of these failed provisions, empowers economic growth and strengthens penalties for those who engage in fraud, insider trading and other corrupt practices,” Lance concluded.