Well show you that debate with comments from house speaker, paul ryan. Small businesses are struggling. Invest, or get the loans need to get ohe ground. Families looking to keep their money safe are hit with fees they cant afford. Why is this . Our Community Banks are in trouble. They are being crushed by the costly rules imposed on them by the doddfrank act. This law may have had good intentions, but its consequences have been dire for main street. Let me put it this way. It is more than 1,000 pages long and has more rules and regulations than any other obama era law. The burdens created are real and deep. These costs are unsustainable for small Community Banks who simply cannot afford to meet all the requirements and cant hire a team of lawyers to decipher the seemingly endless rules. What do they do . They hunker down, they are unable to loan out money, or worse, they are shutting down. The choice act reins in dodd frank. It delivers the regular toward relief these small banks so desperately need. This will change our communities because these banks are the lifeblood of our main streets. Where i come from, representing towns small and medium, they are not Big Companies in big cities getting money from big banks. They are small and mediumsized businesses and small in small and mediumsized towns hoping the Community Banker will be able to give thement loan they need to hire some people. To take a risk. To start a Small Business, to expand their Small Business. They know the needs of their communities. And they are able to identify the people who can fill those needs successfully. Theres a reason why we handle the vast majority of Small Business loans in this country. Because they are the ones who are the closest to the Small Businesses. Heres the difference. The people big banks may overlook, thinking its some guy with a pipe dream, the Community Banker is able to recognize that as a father of four, with a drive to make his dream of a bicycle shop into a reality. Or a woman seeking to rent out rental space, retail space to open her dream restaurant. Using her family recipes. Or maybe its a young farmer with a new idea to integrate the latest technology into the family farm. The big banks dont Pay Attention to that, only Community Banks do. A couple years later with the help of these kinds of loans from these local banks, these socalled pipe dreams in these small towns and Rural Counties become successful businesses. They become job creators. These are the ultimate Success Stories that our communities in america are built upon. This is why the financial choice act is so important. It helps Community Banks and the Small Business that is absolutely depend on them, it helps them thrive. It protects consumers by increasing accountability and transparency over the wider financial sector. And it also repeals too big to fail. The rules codified by doddfrank that have left taxpayers on the hook for too long. Ultimately the financial choice act is a jobs bill. It is one that will bring hope back to main street. It is easy to talk about the economy and regular regulations as series of numbers. It is easy to talk in vague terms about job creators and Small Business owners, what is far more important is identifying the problems that they actually face and actually doing something about those problems to help make a difference to improve their lives. That is what this choice act is all about. It is why we were sent here to look out for the people who work hard and do the right thing. Lets get this done for them. Lets get this done for the people who take the risks, who live and breathe their work. For the people who strive and struggle every day for their families. Lets pass the choice act today. Thank you, i yield bafment i yield. The chair the gentlelady from california ms. Waters i yield myself such time as i may consume. The chair the jeaked is recognized. Ms. Waters h. R. 10 is being called the wrong choice act by the American Public because this bill is truly the wrong choice for all of us. Indeed, this is one of the worst bills i have seen in my time in congress. This bill is a vehicle for Donald Trumps agenda to deregulate and help out wall street. It destroys nearly all of the important policies we put in place in the doddfrank wall street reform and Consumer Protection act, to prevent another financial crisis and protect consumers. This bill would create vast harm and lead us right back to the bad old days. We all remember the suffering that resulted from the Great Recession. 13 trillion in Household Wealth was lost. 11 Million People lost their homes. The Unemployment Rate hit 10 . The impact was enormous and felt by all. Is bill would pave the way back to economic damage at the same scale or worse. Choice act guts the highly successful Consumer FinancialProtection Bureau which works to make sure choice hardworking americans are not subject subjected to predatory practices in the Financial Marketplace. Since its creation, the Consumer Bureau has returned early 12 billion to more than 29 Million Consumers who have been ripped off by Financial Institutions. This bill would foolishly put a stop to the Consumer Bureaus good work and once again lead consumers vulnerable. Thats not all. Across the board the wrong choice act removes essential doddfrank protections for consumers, investors, and our economy. Despite what republicans will tell you, banks, large and small, are doing just fine since the passage of doddfrank. Last year, they posted record profits. Heres the bottom line. Donald trump and republicans want to open the door to another economic catastrophe like the Great Recession and return us to a Financial System where reckless and predatory practices harm our families and communities. We cannot allow that to happened. To happen. I urge all my colleagues to vote no on this catastrophically bad bill. I reserve the balance of my time. The chair the gentleman from texas. Mr. Hensarling i yield myself such time as i may consume. The chair the gentleman is recognized. Mr. Hensarling it has been seven years since the doddfrank was passed, a monumental triumph of ideology, compassion and common sense. All of the promises of doddfrank were broken. It promised us it would lift the economy, but we are stymied in the weakest and slowest recovery in the postwar era. It has codified too big to fail into law and backed it up with a taxpayer bailout fund. It promised us, they promised us that it would lead to a more stable economy. But instead, the big banks are bigger, the small banks are fewer. We are losing a Community Bank or credit union a day. Our Corporate Bond market, a key come pont of financing of jobs. They promised us, mr. Chairman, that it would help the consumer, but instead we see free checking cut in half at banks, banks fees are up. For many credit worthy borrowers, paying 500 for an auto loan. Have you tried getting a mortgage recently . They are harder to come by and cost hundreds of dollars to close. Every promise of doddfrank has been broken. Mr. Chairman, we hear about it every day. I heard from julie ann a banker in massachusetts and said we experienced a spike in loans to women. Women attempting to buy the family home to settle their divorce and stabilize their families, were being declined at a high rate due to the doddfrank qualified mortgage rules. Doddfrank hurting recently divorced women. I heard from alan in new hampshire, who talked about his need for a new car, but he couldnt find a loan from a bank and he said but for my local dealers efforts on my behalf, there is no doubt i would not be driving my current car. And this was a desperate situation for im the sole income earner for my family. My wife is ill and we have two Young Children in school. After my old vehicle broke down, i needed to find reliable, decent transportation to continue to provide for my family. Please ensure that financing car and truck dealerships are not stymied by doddfranks cfpb. I heard from maxine in salt lake city, who talked about her company. Said last february, we were awarded a major catering contract for Food Services in the new performing arts center. It requires to make an investment in equipment. We will be able to hire 50 additional staff. Unfortunately red tape got in the way. It should have been a golden opportunity. Three banks informed us that our rating, according to new Bank Regulations imposed by doddfrank disqualified us from consideration. Mr. Chairman, letter after letter, email after email, harming working families, harming Small Businesses, crushing Community Banks. Fortunately, mr. Chairman, there is a better, smarter way. Its called the financial choice act and going to create hope and opportunity for investors and consumers and entrepreneurs and stands for Economic Growth for all but Bank Bailouts for none. Contrary, contrary to doddfrank and what every democrat will come here today, my friends on the other side of the aisle in defense, we will end Bank Bailouts once and for all. We will replace bailout with bankruptcy. We will replace economic stagnation with a growing healthy economy. We will ensure that there will timely be pay increases, wage increases for working americans who havent seen a pay increase since doddfrank became law. Well replace washington micro management with market discipline. We will ensure that we replace taxpayer money with private money, because for every bank who have a 10 similar leverage ratio which is analogous to having a private insurance policy against bailout, we will have them that doddfrank offering. And that is so important. Mr. Chairman, we are going to hold wall street accountable, toughest penalties they have seen and no more bailouts. Maybe thats one of the reasons they oppose the financial choice act and like the status quo of doddfrank and make sure there is regulatory relief for our small banks and Credit Unions because small banks who lend to our Small Businesses that create the job engine in america and make sure that the American Dream is not a pipe dream but instead a dream and a vision where we will only be limited by our imagination. I reserve. The chair the gentleman reserves the balance of his time. The gentlelady from california. Ms. Waters the speaker and jeb would have you believe Community Banks would be hurt. U. S. And foreign banks paid more than 160 billion in penalties to resolve cases brought against them by the Justice Department and federal regulatory agencies. The cases involving collusion, fraud against consumers, bribery and other abuses. There were 144 major cases of 100 million or more against 26 large and foreign banks. Bank of america, 56 billion. Morgan, 15 billion. Wells fargo and you know about what they did, 11 billion. Morgan stanley, 5 billion. This is about ripoffs. And so this bill would prevent us from being able to assess these kinds of penalties on those who are ripping off the American Public. With that, i yield one minute to mr. Clay, Ranking Member of the Financial Institutions subcommittee. The chair the gentleman from missouri is recognized for one minute. Mr. Clay mr. Speaker, i rise today to oppose h. R. 10, a dangerous assault on American Consumers that would gut the landmark doddfrank wall street reform act. If the wrong choice act is allowed to be inflicted on working families, the reckless fan shal speculators who sold out the American People on wall street would be given a free pass to perpetrate future financial abuses that will reap billions for them and rob average americans of their Financial Security again. The wrong choice act would take of ck to the pre2008 era unchecked, reckless financial abuses that resulted in the worst recession since the great depression. And let me remind you of the crushing costs of that National Economic emergency. Over eight million jobs lost, 10 unemployment, seven million home foreclosures and trillions of dollars wiped out. No proponent of this bill can look the American People in the face and tell them that this is better for consumers, because its not. The chair the gentlemans time has expired. The gentleman from texas. Mr. Hensarling mr. Chairman, at this time, im pleased to yield one minute to the gentleman from virginia, mr. Goodlatte. The chair the gentleman is recognized. Mr. Goodlatte i thank chairman hensarling for introducing this important piece legislation. It replaces the liquid occasion authority with a new bankruptcy procedure developed by the committee on the judiciary in the Financial Institution bankruptcy act. In 2008, our economy suffered one of the most significant financial crisis in history. Experts from the regulatory communities have examined how to prevent another similar crisis from occurring and alimb fate the possibility of using taxpayer monies. The Judiciary Committee has advanced the review of this issue to better equip our bankruptcy laws to resolve failing firms while encouraging greater diligence in order to reduce the likelihood of another financial crisis. This act is the culmination of a multi year bipartisan process that incorporated the views of a wide range of leading experts and relevant regulators. The choice act includes the provisions that the act providing balanced approach in the resolution of a financial firm. It ensures that Share Holders bear the losses related to the failure of a financial company. I urge my colleagues to support this legislation. The chair the gentlelady from california. Ms. Waters i yield one minute to mr. Perlmutter, Ranking Member of the terrorism and illicit finance subcommittee. The chair the gentleman from colorado is recognized. Mr. Perlmutter i rise in opposition to h. R. 10, the bad choice act, which brings back the wild west to our Financial Markets and hurts consumers. The bad choice because this takes us back to a time when we were losing 800,000 jobs a month and not imagining 200,000 jobs a months. Colorado had 10 unemployment. Takes us back to a time when the ock market was 6500, not 21,000. It takes back no discipline. The markets were in chaos. People got hurt. This kind of return to bad legislation and bad regulation is not good for america. And we should all vote no. With that, i yield back. The speaker pro tempore the chair the gentleman from texas. Mr. Hensarling i yield two minutes to a real leader on our committee, the gentleman from missouri. The chair the gentleman from missouri is recognized. Mr. Luetkemeyer im proud to stand with the chairman and stand in support of h. R. 10. This bill offers a responsible approach to Financial Regulation that will protect consumers and allow the American Economy to flourish. It makes meaningful reforms that ensure transparency, restore rule of law and help gain access to move towards Financial Independence and be the entrepreneurs they are and be able to realize their dreams. Mr. Chairman, we lose one Community Bank or credit union a day, every day. These are the institutions that lend to families and Small Businesses. These are institutions that are the backbone of each of our communities and something must be done to reverse this trend. There has been a considerable amount of discussion on both sides of the aisle on the need to help community Financial Institutions. The legislation we are considering today provides that opportunity. For every member in congress to cast a vote to Credit Unions and Community Banks. Usingl increase access to rules that should have never been applied to Financial Institutions in the first place. It makes important reforms. And Unaccountable Agency that embodies the washington knows best mentality that the nation is so tired of seeing and instead creates a more responsible framework that protects consumers instead of special interests. Financial choice act offers a new model for financial opportunity and responsible regulation. Its time to take