Today, the Retail Industry Leaders Association (RILA) announced its support for the Financial CHOICE Act, urging lawmakers to take an important first step in addressing regulatory reform in the financial services sector. Austen Jensen, vice president for government affairs, issued the following statement regarding the retail community's support for the House vote.
“In the wake of the financial crisis it was vital for Congress to act to assure the American people that our financial markets were stable and that a new regulatory apparatus would prevent another systemic problem. While well intended, several of these regulations have had a negative impact on community banks and other financial institutions that were never at the root of the financial collapse in 2008. The CHOICE Act takes the first step toward reconciling the need to treat mega-banks and Wall Street differently than Main Street financial institutions.
“Preserving swipe fee reform was a big win for retailers and consumers across the country. No retailer—big or small—received a bailout during the Great Recession, and we support provisions of the CHOICE Act that seek to ensure that Americans are never again forced to bail out failing financial institutions.”
RILA is the trade association of the worlds largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.