Faso cheers House bill undoing Dodd-Frank regulations

Rep. John Faso applauded the House passage on Thursday of a Republican bill that would cancel some regulations on the financial industry that a Democratic-led Congress enacted in 2010 in response to the 2008 meltdown.

The Financial CHOICE Act was approved on Thursday in a 233-186 vote, with only Republicans in support and every Democrat in opposition. Faso, in a statement afterward, said the bill would end the policies on big-bank bailouts contained in the Dodd-Frank Act and lift onerous requirements that hamper community banks. He also argued the GOP bill would strengthen consumer fraud protections.

“Dodd-Frank enshrined the risky ‘too-big-to-fail’ mentality in the banking industry while dramatically increasing the regulatory burden on mid-sized and community banks which had nothing to do with creating the financial crisis,” Faso, a Kinderhook Republican whose district includes Ulster and Sullivan counties, said in a statement. “These are precisely the lenders doing business with the local job creators who create jobs and opportunities for families in our communities.”

Rep. Sean Maloney, the Cold Spring Democrat representing Orange County in the neighboring 18th District, didn’t release a statement but tweet-bombed the bill with the hashtag, #WrongChoiceAct. “GOP is trying to get rid of protections in favor of economic anarchy,” he wrote in one of a series of tweets. “This kind of thinking caused the depression & recession. It’s wrong.”

 

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