U.S. Congressman Jody Hice | E-Newsletter
U.S. Congressman Jody Hice

Financial Choices

Dear Friends,

Many of us are still feeling the residual effects of the 2008 housing and financial crisis, and when Dodd-Frank was passed in 2010, the playing field of America’s financial system was unfairly skewed in favor of powerful financial institutions, wreaking even more havoc on ordinary Americans. Instead of addressing the causes at the center of the collapse, the massive 2,300-page-long Dodd-Frank Wall Street Reform and Consumer Protection Act codified into law “too big to fail” and taxpayer-funded bailouts. It put many local banking institutions out of business because they simply did not have the resources to navigate the expansive and costly regulations.


Last week, the House, with my support, took action to hack through the layers of red tape that Dodd-Frank imposed on farmers, small business owners, community banks, credit unions, and families with the passage of H.R. 10, the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act. This bill unravels suffocating government mandates, embraces innovation to give local banks opportunities for success, and encourages the use of new forms of capital formation that will help small businesses grow and create jobs to stimulate economic growth in America’s rural and urban communities.

The CHOICE Act protects taxpayers from more bailouts, allowing failing banks and financial institutions to go through bankruptcy like any other company. It also reins in the Consumer Financial Protection Bureau (CFPB) by bringing it under proper Congressional oversight while holding Wall Street accountable through imposing the toughest penalties for financial fraud in history. Additionally, the bill cuts the deficit by $33.6 billion over the next 10 years.

By empowering small businesses and removing excessive government intrusion, the Financial CHOICE Act will help jump-start a sluggish American economy. Under this bill, no one will be “too big to fail,” but more importantly, no one will be too small to succeed, and I was proud to vote for this sweeping legislation.

To read an executive summary of the Financial CHOICE Act, click here. For a comprehensive summary, click here.



Committee Action

In 2009, the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) launched an irresponsible and reckless program that allowed the U.S. government to become a de facto arms dealer to Mexican drug cartels. This “gun-walking” operation, dubbed “Fast and Furious,” put nearly 2,000 weapons into the hands of criminals south of the border, many of which have been used to kill hundreds of people and at least one American, U.S. Border Patrol Agent Brian Terry.

In a House Oversight and Government Reform Committee hearing last week, I examined what new officials at the Department of Justice and ATF should be doing to prevent a catastrophe like this one from occurring in the future. Watch me question Special Agent John Dodson of the ATF’s Phoenix Field Division here.

 
Outpacing Past Administrations

Despite what the media chooses to report, this Congress has been one of the most productive in decades, and we are not slowing down. To date, the House has passed 158 bills and President Donald Trump has signed 37 of those bills into law, placing him ahead of the last four Administrations.

We have eliminated heavy-handed, Obama-era regulations, passed the health care bill and sent it to the Senate, and rolled back 14 rules that were rushed through at the 11th hour by the previous administration, saving almost $4 billion in regulatory costs. While our work is not done, I’m confident that we will continue to deliver results that the American people deserve.


District Connection: Grants and Small Business Workshop

Are you a small business owner or a representative for a nonprofit or municipality? If so, I encourage you to come learn tips and tools to help you succeed at my annual Grants and Small Business Workshop on Wednesday, June 21st at the Tarbutton Business Development Center at Oconee Fall Line Technical College.

 
The Week Ahead
This week, the House will consider the following pieces of legislation:

H.R. 338 - To promote a 21st century energy and manufacturing workforce
H.R. 446 - To extend the deadline for commencement of construction of a hydroelectric project
H.R. 447 - To extend the deadline for commencement of construction of a hydroelectric project
H.R. 627 - Streamlining Energy Efficiency for Schools Act of 2017
H.R. 951 - To extend the deadline for commencement of construction of a hydroelectric project
H.R. 1109 - To amend section 203 of the Federal Power
H.R. 2122 - To extend the deadline for commencement of construction of a hydroelectric project involving Jennings Randolph Dam
H.R. 2274 - HYPE Act
H.R. 2292 - To extend a project of the Federal Energy Regulatory Commission involving the Cannonsville Dam
H.R. 2457 - J. Bennett Johnston Waterway Hydropower Extension Act of 2017
H.R. 2581 - Verify First Act (Subject to a Rule)
S. 1094 - Department of Veterans Affairs Accountability and Whistleblower Protection Act of 2017 (Subject to a Rule)
H.R. 2372- VETERAN Act (Subject to a Rule)
H.R. 1215 - Protecting Access to Care Act of 2017, Rules Committee Print
H.R. 2579 - Broader Options for Americans Act 

As always, I want to hear from you. Please contact my office with any questions, comments, or concerns. Visit my Facebook, Twitter, and Instagram pages for more updates about my work in Washington on your behalf.

Sincerely, 

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TOP NEWS

Hice on TV
Varney & Co. – 6/9
WFXL Fox (Albany) – 6/9

Priority on Main St., not Wall St.
Walton Tribune – 6/10
The Great Recession dealt a blow to our economy from which we still haven’t fully recovered. Many of you have lost jobs, homes and savings in the devastating aftermath of the financial crisis. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act attempted to protect Americans from financial fraud by “being tough” on Wall Street while giving small community banks a chance to compete. In practice, however, Dodd-Frank accomplished the exact opposite through a misguided approach that conferred upon the federal government unprecedented regulatory powers and dramatically slowed our nation’s economic recovery.

Hice has questions for Comey on Russia probe
WGXA Fox 24 – 6/7
WGXA spoke exclusively with Congressman Jody Hice about what he wants to hear from former FBI Director James Comey’s testimony on Thursday. “Obviously we’re going to be keeping an eye on Comey as he testifies, but I want to know personally did he keep these kind of notes with other people?” Hice asked. “For instance, Loretta Lynch when she had face to face conversation with Bill Clinton. Where are those notes? So if the president said anything to him that was inappropriate that in any way obstructed with the Russian probe then Comey was under obligation to report that. Why didn’t he?” Hice said. Hice added that there is a chance Comey could be under more scrutiny after lawmakers question him about his findings.

Inside the Beltway: 81 percent of faith-based voters still support Trump
Washington Times – 6/8
The conference began Thursday and so far has included a Capitol Hill town-hall and a convivial legislative luncheon which included Mr. Trump, who told the flock they were “bigger and better and stronger than ever,” adding, “You didn’t let me down — and I will never let you down.” Also among the luminaries: Sens. David Perdue, Joni Ernst, and John Boozman; House Speaker Paul D. Ryan, House Majority Leader Kevin McCarthy plus Reps. Mark Meadows, Marsha Blackburn, Diane Black, Bob Goodlatte, Ann Wagner and Jody Hice. In the next 24 hours, dozens of speakers will vouch for faith, traditional values and inner mettle. The podium roster includes White House counselor Kellyanne Conway, Senate Majority Leader Mitch McConnell, iconic singer Pat Boone, columnist Charles Krauthammer, talk-show host Michael Medved, tax-reform guru Grover Norquist, Reps. Trent Franks, Louie Gohmert, Barry Loudermilk, and Ron Dermer, Israeli ambassador to the U.S.

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