Rep. Randy Hultgren (R-IL) cheered the House passage of the Financial Creating Hope and Opportunity for Investors Consumers and Entrepreneurs (CHOICE) Act on June 8, according to a press release.
“Since the rushed Dodd-Frank Act became law in 2010, 42 community banks and 106 credit unions in Illinois have closed,” Hultgren said in a statement. “Today credit is tighter, consumers are less secure, the root causes of the crisis have been left untouched, the big banks are bigger and the small banks are fewer.”
Hultgren, who serves on the House Financial Services Committee and is vice chairman of the Capital Markets, Securities and Investment subcommittee, said the bill will help local banks flourish by dismantling current financial regulations in the Dodd-Frank Act. According to the Financial Services Committee, the bill would end bailouts for financial institutions and work to simplify regulations.
“My own constituents – individuals and small businesses alike – have been the collateral damage of these failed policies and are hurt most by losing access to their local trusted financial institutions,” Hultgren said in his statement. “This legislation begins the process of restoring Americans’ access to their trusted community financial institutions. I urge the Senate to act quickly on behalf of consumers and communities.”
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