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This week the House passed H.R. 10, the Financial CHOICE Act, which replaces the Dodd-Frank Act with reforms that include ending taxpayer-funded bailouts of large financial institutions, imposing tougher penalties on those who commit financial fraud and requiring greater accountability from Washington regulators.
The one-size-fits-all approach and hundreds of regulations resulting from Dodd-Frank have significantly impacted access to desperately needed capital and have driven up compliance costs. The Financial CHOICE Act provides regulatory relief to small businesses and job creators while also ensuring Washington is held accountable to hardworking American taxpayers.
The legislation also includes language I authored to shed light on how policies from federal financial agencies impact the budgets of state and local governments and private sector employers. The provisions in the bill ensure that federal financial agencies are subject to the requirements of the Unfunded Mandates Reform Act to report and consider the costs – in dollars and jobs – of the rules they create. It further directs those agencies to identify regulatory alternatives and select the least costly alternative for rules that do impose unfunded mandates.
Promoting Worker Freedom
This week members of the House Committee on Education and the Workforce introduced two bills to promote fair union elections and restore important protections for workers and employers. The legislative proposals are the latest step in the committee’s ongoing efforts to rein in overreach by the National Labor Relations Board (NLRB) during the Obama administration.
Rep. Tim Walberg (R-MI), chairman of the Subcommittee on Health, Employment, Labor, and Pensions, introduced the Workforce Democracy and Fairness Act (H.R. 2776) to protect worker freedom by addressing the NLRB’s ambush election rule and micro-union scheme. Rep. Joe Wilson (R-SC) introduced the Employee Privacy Protection Act (H.R. 2775) to roll back NLRB policies that jeopardize the privacy of workers and their families.
Together, these commonsense proposals will protect worker freedom and ensure fair union elections. The decision to join or not join a union is a personal one, and workers deserve time and privacy as they decide what’s best for them. I want to thank Representatives Walberg and Wilson for championing these proposals, which are the latest step in our efforts to restore fairness and balance to federal labor policies.
What’s Coming Up?
Next week the House will continue its work to bring down the costs of health care by taking up the Protecting Access to Care Act, which reforms medical litigation laws in order to reduce the costly practice of defensive medicine.
Sincerely,
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