BREAKING NEWS: Statement of ACA CEO Pat Morris on draft Financial Choice Act 2.0

ACA Member Alert:

ACA International CEO Pat Morris today issued the following statement in response to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) scheduling a hearing next Wednesday to discuss the newly-released draft of the “Financial CHOICE Act 2.0.”

“Our members and industry thank Chairman Hensarling for his leadership and vision in scheduling this important hearing. We agree that is vital to continue the discussion on how regulatory relief can benefit the hard-working men and women who make up small businesses in America. Our members represent the backbone of the financial services sector, and now is the right time to fix the excesses of the Dodd-Frank Act.”

In announcing the hearing, Chairman Hensarling said: “Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts and unleashes America’s economic potential. We want economic opportunity for all, bailouts for none. We want real consumer protections that will give you more choices. Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”

The summary of the draft bill states that its intention is “to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and ‘Too Big to Fail,’ holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.”

The House Financial Services Committee has scheduled a hearing on the draft at 10 a.m. Eastern Wednesday, April 26. ACA will be attending the hearing, and reporting back to you.

Posted in Debt Collection.