Virginia Congressman Dave Brat (R) voted for the Financial CHOICE Act on Thursday, which would get rid of certain parts of the 2010 Dodd-Frank financial reform bill.
“I’d rather have individuals making their decisions and using their common sense rather than the federal government,” Brat said when asked if he was worried that the repeal of the Volcker Rule, which the CHOICE Act calls for, increases systemic risk throughout the banking system.
As for the bill’s plans to deflate the Consumer Financial Protection Bureau, Brat said there needs to be a better emphasis about financial education.
Under the bill, large banks like Bank of America BAC and Citigroup C , would be subject to less regulation if they maintained a capital ratio of 10%.
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