Dear Friend,

While much attention has been given to the Senate this week, what the House will vote on tomorrow has the potential to help every community in America.

The highest priority of this Congress is to offer relief from the crippling regulations that the Obama Administration laid on the shoulders of American families. We must give all Americans greater opportunities to raise their standard of living and achieve financial independence.  This is also the goal behind the Financial CHOICE Act: creating hope and opportunity for consumers, investors, and entrepreneurs.

Following the recession of 2008, the Democrat-controlled Congress chose to hit our country’s financial institutions with a sledgehammer in the form of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, a 2,300 page rewrite of America’s financial laws. The primary target of Dodd-Frank: big banks on Wall Street. What resulted, however, was serious harm inflicted in our own back yard, on Mississippi’s banks and credit unions…right in our own communities. This law was responsible for creating a monumentally complex regulatory environment that hurt all Mississippians.

Dodd-Frank’s excessive regulations are a primary reason why our state and our country continue to struggle through the worst recovery since World War II. That law has made it overwhelmingly difficult for hometown banks and credit unions to make loans to individuals, businesses, and nonprofits which then slowed economic activity such as business expansion, hiring workers, and home building that should have been booming throughout Mississippi.

One of the fundamental issues with the 2010 law is the sheer amount of hours it takes to comply with so many new rules, resulting in bank employees diverting their attention away from the community that they serve in order to comply with unnecessary and oppressive bureaucratic requirements.

While many of these reporting requirements were intended to police larger banks engaging in riskier investment strategies, Mississippi’s small and medium-sized banks and credit unions were unnecessarily swept into this regulatory burden. The behaviors that Dodd-Frank sought to address simply do not reflect the actions of our Mississippi financial service providers. Because of this, some local and community banks have been forced to close, causing more market consolidation by big banks, not less.

These issues are what your House of Representatives intends to address with their vote on the Financial CHOICE Act tomorrow. This bill will allow banks to help our communities’ families and businesses, create opportunity for all, and bailouts for none.

I support this bill because it aims to protect Mississippi’s community banks and credit unions. The legislation will unleash opportunities for small businesses, innovators, and job creators by eliminating those Washington regulations that are stifling access to credit and capital. It will end taxpayer-funded bailouts once and for all, while holding Wall Street accountable with the toughest penalties in history for fraud and deception.

Allowing America’s and Mississippi’s financial institutions to get back to work serving their communities is an essential step to encouraging economic growth and building a more confident America.

Thank you for letting me fight for you in Congress.

God Bless,

Gregg Harper
Member of Congress