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Congressman Dan Donovan

Representing the 11th District of New York

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Donovan, House Vote To Reform Flawed Dodd-Frank Act

June 8, 2017
Press Release
Legislation institutes needed financial reforms to create jobs, grow the economy, and increase financial industry accountability; Under Dodd-Frank Act, monthly bank account service fees have increased 111% and one community bank or credit union closes each day

Washington, DC—June 8, 2017….Continuing his work to bolster the economy and financial opportunities for hardworking Americans, Congressman Dan Donovan (NY-11) today voted to help pass the Financial CHOICE Act. The bill – which institutes necessary reforms to the flawed Dodd-Frank Act – ends big bank bailouts, increases Wall Street accountability, incentivizes economic growth, and boosts opportunities for small businesses and community banks.

Congressman Donovan said, “Small business and entrepreneurship is the engine of our economy, and we must always work to implement policies that increase opportunities for hardworking Americans and their families. The Financial CHOICE Act puts in place necessary reforms to the U.S. financial system that will provide sensible regulatory relief to revitalize job creation. I’m proud to support this bill, which will unleash our nation’s economic potential to help families pursue their American dream.”

The bill reforms the U.S. financial system to:  
  • Protect hardworking taxpayers by ending big bank bailouts;
  • deliver necessary regulatory relief to community banks and credit unions;
  • enhance opportunities for consumer and small businesses by increasing access to capital and financial choice;
  • bolster Wall Street accountability by instituting the toughest penalties in history for financial fraud; and
  • reduce the U.S. deficit by $24 billion over the next 10 years.

The Financial CHOICE Act focuses on fixing the flaws of the Dodd-Frank Act, which although well intentioned, led to the growth of Wall Street “too big to fail” banks, destruction of community banks, rise of banking fees and mortgages for Americans, and slowest economic recovery  in U.S. history. It’s estimated that under Dodd-Frank, one community bank or credit union in the U.S. closes each day, which has allowed big banks to grow larger and further control the banking industry. Additionally, research has shown that banking fees, including monthly service fees, have increased 111% under the law.

This legislation, which bolsters consumer opportunity and protection, as well as the revitalization of the economy, has received strong support from small business and community bank organizations, including the U.S. Chamber of Commerce, New York Bankers Association, Small Business & Entrepreneurship Council, Independent Community Bankers of America, and National Federation of Independent Business.

The bill will now go to the Senate for consideration.

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