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Contact: Jeff Butler 202-225-2576

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McHenry on Passage of the Financial CHOICE Act


Washington, June 8, 2017 -

   (click on the image above to see McHenry's speech in support of the CHOICE Act)

Washington 
- Today, Chief Deputy Whip Patrick McHenry (NC-10), Vice Chairman of the House Financial Services Committee, released the following statement after the House of Representatives passed  H.R. 10, the Financial CHOICE Act:

“Families and small businesses are the foundation of small, rural communities like those I represent in western North Carolina. Yet, over the last seven years, the Dodd-Frank induced regulatory onslaught has made their lives harder and more expensive. Today, the House began work to undo the damage done by Dodd-Frank with passage of the Financial CHOICE Act.  

“Since Dodd-Frank was signed into law, American families have lost access to basic services like free checking and mortgage lending. Saving for life’s important events like buying a first house or sending your child off to college has never been harder. For small businesses, the story hasn’t been much better. Small business loans—which previously made up half of the loan value on bank balance sheets—are down to 20 percent while American counties with less than 100,000 people are losing more jobs than they create.

“The Financial CHOICE Act will begin to change this. It removes onerous Washington mandates that have made it too expensive for many American families to access the most basic of financial products. It addresses the plight of small business by embracing innovation and encouraging the use of new forms of capital formation that will help small businesses grow and create jobs, ultimately stimulating economic growth in America’s rural and urban communities. 

“These are important reforms that will help our economy grow and, more importantly, make life easier for American families. I’m proud to have worked closely with Chairman Hensarling and my colleagues on the Financial Services Committee to draft this bill and I’m hopeful it will become law soon.” 

On Wednesday, Chief Deputy Whip McHenry spoke on the House floor in support of the Financial CHOICE Act. Video of those remarks can be accessed by clicking here or by clicking on the image above.

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