I serve as the Chairman of the House Financial Services Committee. In my role as chairman, I have been a staunch advocate for promoting consumer choice, competitive markets, and smart regulation in our financial markets.
In 2016, I unveiled the Financial CHOICE Act – the Republican plan to replace the Dodd-Frank Act and promote economic growth. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.
The Financial CHOICE Act will end taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from “growth-strangling regulation” that slows the economy and harms consumers; and impose tougher penalties on those who commit fraud as well as greater accountability on Washington regulators.
During the credit crisis, I was the only member of Congress to introduce comprehensive reform legislation for Fannie Mae and Freddie Mac which was lauded in the media as “a concrete plan for fixing Fannie and Freddie.” I was also the only member of Congress to introduce a legislative alternative to TARP during the heart of the credit crisis, which would have minimized taxpayer exposure and the politicization of the market.
Since coming to Congress, I have fought to encourage competition in the lending market to increase choices and lower costs for consumers, as well as combat financial fraud and enhance disclosure notices. I have vigorously opposed taxpayer bailouts for failed financial companies and efforts to give government greater control over personal financial decisions.