Congressman Daniel Webster voted with a majority in the the House of Representatives on Thursday to pass sweeping legislation stripping away financial regulations approved under the Obama Administration in the wake of the 2008 financial crisis.
The House passed the Financial CHOICE Act 233-186, along party lines.
“Today, I voted to pass the Financial CHOICE Act (HR.10) and end the Obama-era Dodd-Frank Act, which was responsible for the largest increase in bureaucratic red-tape in history and resulted in the slowest economic recovery since World War II,” said Webster, a Republican who represents The Villages.
He said the Financial CHOICE Act gives both consumers and small businesses more choices when it comes to accessing capital
“Dodd-Frank regulations disproportionately burden small companies and prevent them from competing,” he said.
“As a small business owner, I understand the importance of fair competition, and the Financial CHOICE Act will ensure equal opportunity in the financial sector, not an emphasis on big business. After years of defeat, with President Trump in the White House this bill has the opportunity to become law.”