The Right Choice to Roll Back Dodd-Frank
This week, the House Financial Services Committee marked up and passed landmark legislation, H.R. 10, the CHOICE Act. If it can get signed into law, this bill can help small businesses, Americans who are struggling economically, and improve congressional oversight. Not bad for government work.
Rep. Jeb Hensarling (R-Texas ), chairman of the committee, introduced the bill which would right many of the wrongs committed by the Dodd-Frank Act. That law from the left has acted like a restrictor plate on the American economy. Two components of the Dodd-Frank Act, the Durbin amendment, and the establishment of the Consumer Finance Protection Board (CFPB), have been onerous obstacles to economic growth in the United States.
H.R. 10 would repeal the Durbin amendment, thus undoing a provision of central planning that is contrary to capitalism. The Durbin amendment, included as part of the Dodd-Frank Act “required the Federal Reserve Board of Governors to cap the debit card interchange fees that large banks charge,” as explained by Norbert Michel of the Heritage Foundation. How unconventional was the Durbin amendment? As one expert wrote,