This past week, U.S. Rep. Jeb Hensarling, chairman of the House Financial Services Committee, introduced a robust plan to replace the Dodd-Frank Act entitled the Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act, also known as the CHOICE Act.

This measure would do a number of things to encourage economic growth and prosperity, which has been hampered since the implementation of Dodd-Frank.

CHOICE would end taxpayer-funded bailouts of large financial institutions, relieve banks’ limited access to capital which slows the economy and harms consumers and impose tougher penalties on fraudulent actors while promoting greater accountability among Washington regulators.

I am hopeful that Hensarling’s CHOICE Act will be met with thoughtful consideration, and that it will be given a fair chance to replace Dodd-Frank.

Robert Hurt, a Republican, represents Lunenburg County in the U.S. House of Representatives. He can be reached at his Farmville office at (434) 395-0120.