Andy Barr: “The Dodd-Frank Act is a failure, period. It is estimated to reduce economic output by nearly $1 trillion over the next…”

“The Dodd-Frank Act is a failure, period. It is estimated to reduce economic output by nearly $1 trillion over the next 10 years, and it contains more regulatory restrictions than all of the other regulations enacted by the previous administration combined, including ObamaCare. The Financial CHOICE Act provides an off-ramp--much-needed relief--to Dodd-Frank's growth-crushing regulations. Financial institutions like community banks and credit unions will have the choice to stay under the Dodd-Frank regulatory regime or opt for the relief that they are willing to obtain if they meet a 10 percent simple leverage ratio, a level that ensures that they can weather economic downturns without the help of taxpayer bailouts. This legislation also reins in the primary culprit of the regulatory onslaught that has caused one in five community financial institutions in my State of Kentucky to close: the Consumer Financial Protection Bureau. This is done by giving Congress the power of the purse over the Bureau for the first time, making its Director removable by the President, requiring it to conduct cost-benefit analysis, and enhancing its mission to focus on consumer protection through competition and choice.…”