Congressman Mike Rogers made the following statement after the House of Representatives passed H.R. 10, The Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act.

The CHOICE Act should repeal parts of the 2010 Dodd-Frank Act that have hurt our community banks and our small businesses. The legislation would end taxpayer-funded bailouts for good, hold Wall Street accountable and rein in the unconstitutional and unchecked power of the Consumer Financial Protection Bureau (CFPB).

“I was pleased to support the CHOICE Act and hope it will help both the community banks across East Alabama by lifting unfair regulations as well as give a break to our small businesses.  

“For the past few years, small business owners could no longer go to their friend from church that also worked at the community bank to apply for a small loan for their business. Dodd-Frank really tied the hands of our local banks and how we do business in East Alabama. The Obama Administration treated small banks like they were responsible for the
financial crisis of 2008 instead of Wall Street.

“This bill makes sure no company can be designated as ‘too big to fail’ and should help level the playing field as well as rein in the CFPB,” Rogers said.

Regulating the financial industry is also a priority for the Trump Administration. “The one-size-fits-all approach by the Dodd-Frank legislation only hurt our local banks and our small businesses. I am just glad to see some relief for our community banks and hope President Trump will continue getting America on the right track,” Rogers added.