TPA Signs Coalition Letter Supporting the Final CHOICE ACT

The Obama Administration has presided over the worst economic recovery in more than six decades, and the policies they have been implemented are directly responsible for that weak recovery. Over the last several years wages have been stagnant, regulations have been growing, and the government is continuing the terrible practice of cronyism that picks winners and losers harming the free market. These policies have to end if there will ever be a fast-paced recovery that sees better job growth and higher wages for working Americans. There is legislation in the House of Representatives sponsored by Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) that can fix some of the problems mentioned. The Financial CHOICE Act would help to halt cronyism and bring accountability to Washington by ending some of the worst practices that make bailouts and regulations a normal trend. The Taxpayers Protection Alliance (TPA) recently signed a letter supporting the Financial CHOICE Act, sent by the Institute for Liberty urging Congress to adopt the bill.

You can read the full letter below.

June 23, 2016

Re: Letter in Support of the Financial CHOICE Act

Honorable Member:

Over the last 20 years, Congress has created over 80,000 new, burdensome regulations nearly one every two hours. These regulations cost the American economy, directly, nearly $2.2 trillion annually, and, according to a recently released study from the Mercatus Center, had regulatory growth remained steady over the last 35 years our economy would be $4 trillion larger, $52,000 per year for an American family of four! The result is a big government nightmare responsible for “The Great Stagnation” stagnation of wages, labor force participation, and job growth. As a result, the American dream has been pushed far out of reach for far too many.

Last month marked the worst jobs report in over 6 years. Only 38,000 new jobs were created over 100,000 less than what is needed to keep up with U.S. population growth. American citizens’ real wages have declined by an average of 4 percent since President Obama the Regulatory King took office, while labor force participation has dropped to the lowest it’s been since the Jimmy Carter Administration. Since 2005, regulatory costs have doubled in America!

If we want the economy to improve if we want to give all Americans the chance to prosper again we need to put an end to Washington’s destructive regulatory agenda once and for all.

Thankfully, an increasing number of elected officials in Washington are fighting against the harmful effects and unintended consequences of these onerous regulations. Leading the fight in Congress has been House Financial Services Committee Chairman Jeb Hensarling (R-TX), who recently outlined a comprehensive plan to turbocharge the American economy.

His new legislation, The Financial CHOICE Act, aims to curb regulations to create opportunity and choice for investors, consumers, and entrepreneurs nationwide.

Mr. Hensarling’s plan will:

Demand accountability from financial regulators and end the “Too Big to Fail” bailouts

Hensarling’s bill will force every financial regulation to pass a cost benefit analysis before enactment. It will also require that the major ones be passed by Congress instead of by the decree of an unelected bureaucrat. The Financial CHOICE Act will replace Dodd-Frank’s Orderly Liquidation Authority, which allows financial institutions to be bailed out at the taxpayers’ expense, with a newly updated subchapter of the bankruptcy code.

End the Crony Debit Card Price Control Scheme.

The Durbin Amendment imposed price controls and other mandates on debit card transaction fees with the false promise that billions would be passed on to consumers. Consumers have not received the promised discount. In fact, studies show that many consumers have lost access to free checking and debit card rewards as a result. Hensarling’s bill will rescind the price controls and regulations that have harmed consumers and discouraged innovation.

Rein in The Consumer Financial Protection Bureau (CFPB).

Housed at the Federal Reserve, the CFPB has the ability to put entire industries out of business with the snap of its fingers. Its unelected director can simply declare financial products “abusive” and outlaw them without Congressional approval. The Financial CHOICE Act will replace the single director with a bipartisan, five-member committee subject to congressional oversight and appropriations.

We, the undersigned organizations, wholeheartedly endorse and support all of the components of Hensarling’s Financial CHOICE Act. We encourage Congress to pass and enact it into law as soon as possible.

Sincerely,

Andrew Langer, President, Institute for Liberty
Phil Kerpen, President, American Commitment
Seton Motley, President, Less Government
Andrew F. Quinlan, President, Center for Freedom and Prosperity
George Landrith, President, Frontiers of Freedom
Judson Phillips, President, Tea Party Nation
Brent William Gardner, Vice-President of Government Affairs, Americans for Prosperity
Lew Uhler, President, National Tax Limitation Committee
KaLeigh Long, Executive Director, Conservative Leadership PAC
Susan Carleson, President, American Civil Rights Union
Melissa Ortiz, Founder and Principal, Able Americans
Peter Weyrich, Conservative Activist, 
Pete Sepp, President, National Taxpayers Union, 
David Williams, President, Taxpayers Protection Alliance
Tom Schatz, President, Council for Citizens Against Government Waste