A group of eminent economic scholars, Nobel Prize winners and former senior economic policy officials all signed on to the Financial CHOICE Act, designed to reform Dodd-Frank, and released the following statement: “We support the reform principles that underlie the proposed Financial CHOICE Act which promote higher economic growth without bailouts, reduced risks of crises, and simplification of the regulatory process by emphasizing market mechanisms operating through the rule of law.”

The act would shed some of the complex, costly and loan-impeding regulations from banks, which would allow them more capital to work with and provide stability, as fsc.gop.press tells MHProNews.

Meanwhile, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, speaking at the Heritage Foundation’s “The Case Against Dodd-Frank,” about the shortcomings of the consumer protection act, said: “Ladies and gentlemen, it’s time to make free enterprise legal again in America. It’s time for a new paradigm in banking, capital markets and financial opportunity. It’s time to offer all Americans opportunities to raise their standards of living and achieve financial independence,” he said. “In a phrase, we need economic growth for all and bank bailouts for none. This is the foundation of the alternative Republicans will offer the American people.” ##

(Image credit:financialservices.house.gov)

Article submitted by Matthew J Silver to Daily Business News-MHProNews.