For years, Democrats have attempted to convince the American people that Dodd-Frank was the answer to the 2008 financial crisis, despite the law failing to address the actual cause. In reality, Dodd-Frank has made it more difficult for hardworking taxpayers to secure a future for themselves and their children by denying them the economic recovery they deserve.

Under Dodd-Frank, the largest banks have gotten bigger, and small banks have disappeared at an alarming rate. Even worse, Dodd-Frank enshrined “too big to fail,” which is why some of the largest financial institutions support it.

To increase economic opportunity, we must enact commonsense regulatory reform and restore accountability to Wall Street and Washington.

The Financial CHOICE Act eliminates Dodd-Frank’s one-size-fits-all regulatory structure that has buried community financial institutions in regulation meant for the largest banks in America. By enacting this legislation, community banks and credit unions can utilize their resources for lending and servicing customers’ needs. We must remove the regulatory red tape that is preventing community lenders from supporting small-business job creation.

Additionally, our plan holds Wall Street accountable by imposing the toughest penalties in history to protect consumers from financial fraud.

This important legislation also holds Washington bureaucrats to account by creating congressional checks and balances for the Consumer Financial Protection Bureau so that it can more effectively do its job. No government agency should be unaccountable to the American people.

Lastly, this commonsense measure protects taxpayers by eliminating “too big to fail” and requires failing institutions to liquidate through a streamlined bankruptcy process — not taxpayer-funded bailouts.

Dodd-Frank was a larger social agenda waiting for a crisis. Today, small businesses and hardworking Americans continue to pay the price. Our plan enacts pro-growth reforms, restores accountability and gives people more opportunity to achieve financial success.

 Bill’s op-ed is available on USA Today’s website here.