House Republicans Pass Bill to Save Community Banks

House Republicans voted Thursday to repeal the Dodd-Frank Act and with it the crippling regulations bankrupting small businesses and benefitting big banks.

Every day another community bank has been forced to close their doors due to the weight of these regulations.

The CHOICE Act will ease the burden on small banks and credit unions, making it easier for these institutions to invest in their communities.

Via Daily Caller:

The House passed a bill Thursday that would repeal significant parts of Dodd-Frank and make substantial changes to the Consumer Protection Financial Bureau.

Republicans argued the CHOICE Act — which passed along party lines in an 186-33 vote — is to help save community banks drowning under the regulations implemented under the 2010 landmark Wall Street reform bill.

House Republican Conference Chair Cathy McMorris Rodgers noted a substantial amount of community banks and credit unions have closed since Dodd-Frank took effect, adding she believes it has had a negative impact on small businesses and farmers who might not be eligible for a loan from larger banks.

“When you consider that on average we have lost one community bank every day since Dodd-Frank was put into effect, you’ve seen where the big banks have just gotten larger, and unfortunately we’ve lost too many community banks that are a part of keeping Main Street strong and creating jobs,” she told The Daily Caller News Foundation.