Summary: Today at a press conference with House Republican leaders, Speaker Ryan discussed the CHOICE Act—legislation to reform Wall Street and revitalize Main Street.
“Over the past five months, we have spent a lot of time and a lot of effort reforming our regulatory policy in the federal government. That is because it is very, very important—it’s vital—to creating good-paying jobs and getting back to real economic growth. It’s also because we promised the American people this is what we would do if we got control of government—if we won this election.
“We see the Financial CHOICE Act as the crown jewel of this effort.
“This legislation comes to the rescue of Main Street America. The Dodd-Frank Act—the Dodd-Frank Act has had a lot of bad consequences for our economy, but most of all, in the small communities across our country.
“Community banks are going out of business because they cannot deal with the costly and the countless rules. Look—so many of us represent middle America. Big businesses can get loans in big cities from big banks—but everybody else doesn’t get their money that way. And we are losing community banks by the day. And most of the jobs in this country come from community banks, come from small businesses, they who take a risk. These entrepreneurs, these small businesses—they go and get credit from the community bank. And that’s where job growth comes from. And the reason we haven’t had the kind of economic growth we need in this country is because of the regulatory structure. This bill fixes that.
“So, this is something that we hear back home all of the time—this is very important legislation which we think is just absolutely critical to getting this economy growing and to getting small businesses, farmers, ranchers, entrepreneurs the kind of capital and credit they need to take risks just to grow, to hire people, to increase wages.
“This also repeals ‘too big to fail,’ which makes taxpayer bailouts of Wall Street a thing of the past.
“Simply put, this is a jobs bill for Main Street. The Financial CHOICE Act makes it possible for small businesses across this country to stop struggling and to start hiring.
“I want to commend Chairman Hensarling and his committee—Mia Love, and everybody on their committee—they have put years of work into this. This is a very important piece of legislation we’re very excited about bringing through Congress today, because this is a key piece of our agenda to get the regulatory reform agenda through, to get jobs growing, and to get the economic growth we really need and deserve in this country.”