H.R.2213 - Anti-Border Corruption Reauthorization Act of 2017
This bill allows Customs and Border Protection to waive their required pre-employment polygraph exam for candidates who have served in law enforcement and previously passed polygraphs, federal law enforcement officers with three years’ experience, and those who have served in the armed forces for at least three years.
As CBP is currently understaffed below its Congressional mandated levels, I voted in favor of this bill which aims to address CBP’s candidate vetting bottleneck.
Dodd-Frank, the 2010 failed attempt at financial reform, has run its course, done its damage, and left thousands of small banks and middle-class families in its wake. Since the law’s enactment, we have seen the eight largest banks consolidate into just four; but a more staggering and concerning statistic is that we have seen more than 1,900 community financial institutions disappear. These disappearing institutions are neighborhood banks that write mortgages for our neighbors, give loans to small businesses to cover payroll, invest in our communities, sponsor our children’s baseball teams, and understand the core principles of who we are as Upstate New Yorkers.
I chose to reject the status quo and supported the Financial CHOICE Act. The CHOICE Act ends “too big to fail” thereby protecting taxpayers from reckless Wall Street risk-taking. The bill also reins in the CFPB, finally bringing them under Congressional oversight, renaming the agency the Consumer Law Enforcement Agency (CLEA) to better highlight the true mission of real consumer protections.
The CHOICE Act also increases penalties on Wall Street banks that use deceptive practices, gives the SEC more power to punish bad actors, allows for more accessible capital formation for small businesses, and truly empowers Americans to create wealth and seek financial freedom.
Faso Local Banking Amendment
Too often do we see our local, hometown banks get absorbed into the large bank umbrella. Many of us have seen our local bank branch close, sign removed, and replaced with a national brand. Although these institutions provide important services to our community, I reject the notion that this is the new normal. A diverse, local banking structure is important to the financial well-being of our neighborhoods and, more broadly, our nation.
One of the many reasons these closures plague the landscape of America is their inability to compete with the bigger guys. Included in the CHOICE Act was an amendment I wrote to level the playing field between community banks and the larger institutions. Specifically, my amendment makes banks with a “mutual holding company” charter, such as the Bank of Greene County, more attractive to investors, thereby better ensuring their longevity in our communities. My amendment passed with bipartisan support and is included in the CHOICE Act that now awaits action in the Senate.