Local News

COOK VOTES IN FAVOR OF FINANCIAL CHOICE ACT

Representative Paul Cook of Yucca Valley voted with every other Republican—except one—to pass HR 10, the Financial Choice Act of 2017. No Democrats voted in favor of the bill. The Financial Choice Act rolls back some regulations in the Dodd-Frank Act of 2010, which, Cook said, “imposed significant costs on the economy, financial institutions, and American consumers, investors, and small businesses.” He added, “This new legislation will end taxpayer-funded bailouts once and for all and ensure no company remains ‘too big to fail.’” It would replace the bank bail-outs of 2008 with bankruptcy. The Financial Choice Act also repeals the Volker Rule, which prevents banks from making risky investments, and rescinds the requirement that financial planners put their clients’ interest ahead of their own. In addition, it weakens the Consumer Financial Bureau, a consumer watchdog agency, puts the Bureau’s budget under control of Congress, and gives the president the power to fire the Bureau’s director for any reason. The bill now goes to the Senate where it is expected to undergo major revisions.


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