Treasury Secretary Steven Mnuchin announced his support for the Financial CHOICE Act Thursday. The legislation, which was formally introduced in the House of Representatives Wednesday, is touted as a “pro-growth” alternative the the controversial Dodd-Frank Act, which Republicans have long decried as onerously burdensome to business.
Mnuchin declared his support for the Republican bill Thursday while blasting the existing, Obama-era regulatory regime, according to a report.
“The existing regulatory system is limiting, not stimulating our economy,” Mnuchin said in a statement. “At the Treasury, we are focused on delivering regulatory relief that encourages banks to provide the capital and liquidity needed to create jobs and opportunities for growth, and that provides protection against taxpayer-funded bailouts.”
Mnuchin praised Rep. Jeb Hensarling (R-Texas), the chairman of the House Financial Services Committee, who introduced the bill, for his work to replace Dodd-Frank.
“I applaud the steady commitment and leadership that Chairman Hensarling and his colleagues have provided on these issues, and welcome the reintroduction of the CHOICE Act,” Mnuchin said. “While I continue my work to implement the President’s executive order setting the core principles for financial regulation, I look forward to working with Congress to both support and strengthen our financial system and safeguard taxpayers.”
Republican lawmakers have long wanted to replace the Dodd-Frank Act, which created the controversial Consumer Financial Protection Bureau. President Donald Trump has repeatedly promised business leaders that his administration would reduce or eliminate Dodd-Frank’s regulatory powers. Democrats, however, have promised to fight to keep the regulations in place.
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The secretary of the Treasury has declared his support for the Republican alternative to the Dodd-Frank Act.