Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) spoke on the House floor today in favor of H.R. 10, the Financial CHOICE Act.

Full remarks are below, or watch online here.

“Mr. Speaker, I first want to thank Chairman Hensarling and the entire Financial Services Committee for the work they have done on this bill. They’ve listened to members and they’ve listened to constituents throughout this country. They studied the issue, and they found the very best policy.

“Now, we all know we need economic growth. But we also know that growth means little if wages will not rise, if jobs will not return, and if more businesses close than open.

“If a rising tide lifts all boats, we need to make sure every American is in the boat.

“Repealing Dodd-Frank with the CHOICE Act lifts people back in so they can participate in America’s economy. It will reestablish the severed ties that link communities to the money they need to start businesses and hire employees. Bringing back the community banks that Dodd-Frank destroyed means that more people, not just the wealthy, will have access to credit.

“But if we want everyone to be a part of the American economy, we don’t want people to face the same risks they did before. We want people to be treated fairly.

“In 2008, people lost everything. Aided by government and Washington policies, some played fast and loose and put almost everyone else at risk. So it’s only natural that people look around and ask, ‘why do we have a system where when things go wrong, banks need to get bailouts but the American people get nothing?’ That’s not a fair system, and Dodd-Frank made it worse. It actually codified bailouts into law and made taxpayers a slush fund.

“And on top of that, the regulations it created we all know were just ridiculous.  Why is it that the rich and powerful get to game the complicated rules produced by their friends in the bureaucracy while everyone else faces a mountain of paperwork and regulations that no human being has a chance of understanding? Now, we all know that’s not fair. All this ends up boxing out small business owners and normal Americans who can’t hire lawyers to sift through it all.

The CHOICE Act levels the playing field. It makes both Wall Street and Washington accountable so that their bad decisions don’t cost the taxpayers their money. And it makes things simple so that you don’t need an Ivy League law degree to understand the rules that govern our lives.

“Now, America is a nation for the people. Everyone has a shot, everyone should be treated the same, everyone has a chance to succeed. The CHOICE Act brings us closer to that America one more time.”