Lucas Votes to Pass the Financial CHOICE Act

Jun 08, 2017

Washington – Congressman Frank Lucas (OK-3) released the following statement today after voting for passage of the Financial CHOICE act, a bill to promote economic growth and stability by providing regulatory relief for smaller banks and credit unions while imposing stricter requirements and penalties on the largest financial institutions:

“In the aftermath of the 2008 financial crisis, 401k’s tumbled, home foreclosures skyrocketed, and many employers were forced to cut back. Soon after, Democrats moved to vastly increase federal control over the financial industry. At over 2,300 pages, the Dodd-Frank Act represents one of the most widespread restructurings of our nation’s finance and banking sector in history, consolidating an incredible amount of power into the hands of unelected and unaccountable bureaucrats.

“While the largest banks on the east and west coasts were equipped to handle the deluge of paperwork, a number of smaller, community banks simply couldn’t keep up, spending thousands of dollars to send staff to compliance classes just to follow the pages upon pages of new rules and regulations.

“It’s no surprise that toward the very end of President Obama’s final year in office that our country remained in one of the weakest economy recoveries in American history. The Dodd-Frank Act tied the hands of banks, reducing the availability and increasing the cost of credit. Small businesses, entrepreneurs, and families looking to purchase a home or vehicle were left with fewer options.

“This week, I’m proud to join my colleagues in taking action to begin unwinding Dodd-Frank’s rules and regulations that have held back economic growth for too long. The Financial CHOICE Act provides smaller banks with regulatory relief so that they can return to serving their communities. This legislation also promotes financial stability by ending bailouts for large financial institutions and introducing harsh penalties for fraudulent activity.

“Passage of the Financial CHOICE Act marks a significant shift away from Obama-era, top-down overregulation and recognizes the importance of small businesses to the success of our economy. It’s time to restore economic opportunity and job creation on Main Street and restore accountability on Wall Street.”

The Financial CHOICE Act proposes a series of financial services reforms including:

  • Ending “too big to fail” bank bailouts by repealing aspects of Dodd-Frank
  • Lifting regulatory burden off smaller financial institutions such as community banks
  • Restructuring and increasing oversight of the CFPB (Consumer Financial Protection Bureau) by moving the agency to the Executive Branch and making it subject to Congressional oversight
  • Implementing harsher penalties on Wall Street for corruption and fraud
  • Repealing the Volcker Rule, which limits capital formation and hinders investment

Recent Posts

Jul 23, 2024

Lucas Votes to Authorize Millions in Funds to Local Community Projects

Washington, DC – Congressman Frank Lucas (OK-03) released the following statement after the U.S. House of Representatives passed the Water Resources Development Act of 2024, which authorized millions of dollars for community projects in Woodward and Stillwater. Lucas voted in favor of the legislation.   “At a time when our political system appears to be in a constant […]

Jul 18, 2024

Congressman Lucas Welcomes New Field Representative to District Staff

Yukon, OK – Congressman Frank Lucas (OK-03) today announced an addition to his District Office staff following the hiring of Nathan Dethloff as a Field Representative. Originally from Lone Grove, Oklahoma, Nathan graduated in May of 2022 from Oklahoma State University. Most recently, in May of 2024, he earned a Master of Science in Agricultural […]

Jul 10, 2024

Lucas and Chair Powell Agree: Bank Regulators Should Re-propose Basel

Washington, DC – Today, Congressman Lucas and Federal Reserve Chair Jerome Powell discussed the need for a re-proposal of Basel Endgame and plans to address inflation. On a Basel Re-proposal: Lucas: “You have reiterated how Members of the Board would like to see a revised Basel proposal put out for public comment, but you’re working […]