Letter to the editor: Thank Lewis for supporting the Financial Choice Act
To the editor:
U.S. Rep. Jason Lewis's vote in favor of overhauling Dodd-Frank is a perfect example of how he is working hard to improve the lives of everyday Minnesotans in the 2nd District. Dodd-Frank was passed after the financial meltdown of 2008. As is often the case, Washington made a bad situation worse by forcing a one-size-fits-all, top-down regulatory regimen stifling community banks and credit unions, hurting consumers, and damaging our main street American economy. In total, Dodd-Frank handed down nearly 30,000 new regulations that account for almost $40 billion in compliance costs for our financial services industry — costs that have been passed on to consumers: you and me. Dodd-Frank did not fix things; instead, it made them worse. Since 2009, almost 500 small banks have failed at a cost of approx. $74 BILLION to FDIC Deposit Insurance Fund, according to bankrate.com.
Congressman Lewis voted for the Financial CHOICE Act to roll back burdensome and unnecessary regulations that are having a drastic impact on our nation and your economic future. This bill greatly increases the transparency and accountability of the federal government, all the while allowing for congressional oversight of unelected Washington bureaucrats. If the Senate goes along, the Financial Choice Act will add to the progress already made reducing burdensome regulations that hurt economic growth & cost American workers their jobs.
Rep. Lewis is part of the solution to what is wrong in Washington.