Ending Wall Street Bailouts, Imposing the Most Severe Penalties In History on Financial Criminals, And Ending Red Tape Harming Maine Credit Unions and Community Banks: Poliquin to Vote for CHOICE Act
WASHINGTON – Today, Congressman Bruce Poliquin (ME-02) announced his support for the Financial CHOICE Act.
This bill will make important improvements to financial regulations to end big Wall Street bank bailouts, impose the most severe penalties in history for financial criminals, relieve Maine’s community banks and local credit unions of smothering regulatory burdens, and create stronger safeguards for consumers.
“All around Maine, I’ve heard from job creators and local leaders about how we must focus on continuing to improve and support job growth in our State,” said Congressman Poliquin.
“After the 2008 recession, Congress hastily rushed through the Dodd-Frank Act, a bill that put in place massive amounts of red tape on Maine’s credit unions and small community banks. Many of these regulations—however well-intentioned they may have been—have had disastrous effects on Maine small businesses’ ability to grow and hire workers, as they’ve placed unfair burdens on local banks and small community credit unions in our State while failing to hold big Wall Street banks accountable.
“Today, I will support comprehensive reforms to burdensome red tape that hurts our small businesses. This bill removes expensive and redundant red tape for credit unions, community banks, small insurance companies, retirement advisors, and auto dealers so the economy can grow and create more jobs. I am taking action so Maine businesses can grow jobs, community banks and credit unions can provide support, and our Maine families can prosper.
“One of the most important aspects of this new law is that it ends big Wall Street bank bailouts once and for all.
“This also imposes the strongest and toughest penalties in history for financial criminals.
“Our goal should be to help, not hurt, our small businesses and communities, and we should be applying measured and responsible regulations tailored to the size of an institution, fair enforcement, and—most importantly—more accountability to Wall Street and the big banks.
“This is all about growing our economy, improving our communities and creating jobs. Small businesses must be able to grow. Those who break the law must be held accountable. The safeguards and regulations for consumers must be strong, effective and fair. The CHOICE Act will benefit Maine and help our small businesses.”
Said Todd Mason, President of the Maine Credit Union League, “This cost breaks down to $819,000 per credit union and $75 per credit union member. These are dollars that could be flowing directly to members through lower rates on loans, higher rates on savings, or new services. We urge Congressman Poliquin to become a co-sponsor of the Financial CHOICE Act of 2017, which is an important first step in providing common-sense regulatory relief to Maine’s credit unions.”
Written in a letter of support from Jon Prescott, Chairman of the Maine Bankers Association, “Our member banks have seen massive growth in our compliance operations and hours spent trying to understand the 25,000 pages of proposed and final rules that have come from the passage of the Dodd-Frank Act. This massive growth in both regulatory cost and complexity impedes our ability to serve our customers and communities. […] As the Leadership bankers for the Maine Bankers Association and representing all 31 financial institutions operating in Maine, we appreciate [Congressman Poliquin’s] work to support legislation that will help our industry better serve our customers.”
Congressman Poliquin penned an op/ed in this morning’s edition of the Kennebec Journal on the CHOICE Act.
The U.S. House of Representatives is expected to vote on the bill later this afternoon.
Items to Note:
- TODAY: Op/Ed in the Kennebec Journal: Rep. Bruce Poliquin: CHOICE Act a good deal for Maine