Individuals need more latitude when it comes to financial decision making, according to Virginia Congressman Dave Brat (R), who voted for the Financial CHOICE Act on Thursday, which would get rid of certain parts of the 2010 Dodd-Frank financial reform bill.
“I’m a free market guy – I think we’ll get it all right. In the long run, it’s kind of buyer beware and 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.
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%.
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.
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