Barack Obama’s Dodd-Frank financial overhaul propped up the big banks, stunted economic growth, and harmed hardworking Americans. But thanks to your activism, relief could be on its way.
The House of Representatives is advancing a key piece of legislation -- the Financial CHOICE Act -- that will take steps to unravel the most harmful pieces of Dodd-Frank.
What is CHOICE and how will it unravel Dodd-Frank?
Dodd-Frank serves to protect the interests of big banks at the expense of consumers. Because of the law, we pay more when using banking services like checking accounts, loans and credit cards, and we get little protection in return.
The CHOICE Act will repeal several of the burdensome regulations within Dodd-Frank and help to create an environment where small businesses can compete and thrive. To learn more about the CHOICE Act, you can read about it here.
How did we get here?
In 2013, Rep. Jeb Hensarling (R-TX) became chairman of the House Financial Services Committee. Heritage Action Sentinels worked closely with him on important issues, including the repeal of Dodd-Frank.
Grassroots activists haven’t wavered in the fight to free our markets. For years now, conservatives have made the case to repeal Dodd-Frank, pressuring Congress and ensuring the issue did not fall to the wayside.
The special interests do not like it, but the CHOICE Act is making its way to the House floor for a vote. If passed, the bill will then move to the Senate where we will continue to urge lawmakers to support it.
Though nothing in Washington changes overnight, it’s because of your hard work we've been able to move repeal of Dodd-Frank leaps forward.
-Dan
Dan Holler
Vice President
Heritage Action for America
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FOR IMMEDIATE RELEASE
Contact: Jack Mozloom, Media Communications Manager, 202-406-4450 or 609-462-5610 (cell), jack.mozloome@nfib.org.Follow @NFIB on Twitter
Small Business Applauds SCOTUS for Curbing Lawsuit Venue Shopping
High Court says plaintiffs can sue companies only in states where they’ve been injured or where the company resides: no more shopping around for the best odds
WASHINGTON, D.C., May 30, 2017—The National Federation of Independent Business (NFIB) today welcomed a U.S. Supreme Court decision putting a crimp in the practice of suing businesses in states with the most favorable odds for jackpot jury awards.
“This is a really big win for small businesses, which are often dragged into lawsuits in distant places merely because that’s where the plaintiffs’ lawyers think they can get the biggest pay day or the most favorable decisions,” said Karen Harned, Executive Director of the NFIB Small Business Legal Center.
In this case, two former employees of a railway company headquartered in Texas claimed damages in Montana courts despite that neither of their injuries occurred there. The company moved to dismiss the cases for lack of personal jurisdiction, but after split decisions at the trial court level, the State Supreme Court found that both plaintiffs could sue in Montana.
NFIB and other business groups urged the U.S. Supreme Court to review the case and reverse the Montana Supreme Court.
“This was a very clear case of court shopping,” said Harned. “It’s an insidious practice that forces small businesses to hopscotch around the country unnecessarily to defend themselves. We argued that the practice violates the Due Process Clause of the 14th Amendment, and we are very pleased that the Supreme Court agreed.”
For more information about NFIB, please visit www.nfib.com.
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For more than 70 years, the National Federation of Independent Business has been the Voice of Small Business, taking the message from Main Street to the halls of Congress and all 50 state legislatures. NFIB annually surveys its members on state and federal issues vital to their survival as America's economic engine and biggest creator of jobs. NFIB’s educational mission is to remind policymakers that small businesses are not smaller versions of bigger businesses; they have very different challenges and priorities.
National Federation of Independent Business
1201 F Street, Suite 200
Washington, D.C. 20004
202-554-9000
www.nfib.com
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