U.S. Rep. Blaine Luetkemeyer (MO-03) and the House Financial Services Committee today passed the Financial CHOICE Act - the alternative to the failed Dodd-Frank Act.

“The premise of the Financial CHOICE Act is simple: change the current regulatory paradigm in order to offer a new model that benefits taxpayers, consumers, and our local communities,” Luetkemeyer said. “The CHOICE Act will hold Washington and Wall Street accountable by replacing “too big to fail” with bankruptcy and “too small to succeed” with some common-sense regulatory relief. I’m proud to have worked with Chairman Hensarling on this critical legislation so that every American has the opportunity to achieve financial independence. The passage of the CHOICE Act is a victory for consumers, taxpayers, and economic growth.”

Also included in the Financial CHOICE Act is Luetkemeyer’s bill, the Financial Institution Customer Protection Act, which would bring an end to Operation Choke Point. Chairman Hensarling’s legislation includes elements of Luetkemeyer’s Unfair or Deceptive Acts of Practices Uniformity Act, and legislation to improve access to mortgage credit and grant regulatory relief to community banks and credit unions.

Luetkemeyer is Chairman of the Subcommittee on Financial Institutions and Consumer Credit and is an original co-sponsor of the Financial CHOICE Act.

More information about the Financial CHOICE Act can be found at www.financialchoice.gop.