Tag Archives: Financial CHOICE Act

On Thursday, the House of Representatives passed a landmark bill--233 to 186--that, in its current form would dramatically change the future of financial regulation. The Financial CHOICE Act, originally introduced by Representative Jeb Hensarling (R-Texas), Chairman of the House Financial Service Committee, on April 26, 2017, significantly amends the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The CHOICE Act is the Republican response to reforms put in place after the 2008 economic collapse.

The House Financial Services Committee held a second hearing on the Financial CHOICE Act on Tuesday. Intended to be a replacement for Dodd-Frank, the CHOICE Act aims to increase regulator accountability, discourage financial fraud and insider trading, and ensure taxpayers aren't on the hook for big bank bailouts. The Act was introduced by Rep. Jeb Hensarling (R-Texas).

With so much talk lately around the possibly of the soon-to-be-installed Trump Administration rolling back regulations for the financial industry, the House Financial Services Committee Chairman is making his case for the Republicans’ Dodd-Frank alternative, the Financial CHOICE Act.

As the country is sharply divided on two of the most polarizing presidential candidates in history, perhaps it is not a surprise that the two major political parties are equally divided on a proposal to roll back Dodd-Frank.

The parties in the House Financial Services Committee have been fiercely debating the merits of the GOP's alternative to Dodd-Frank since it was introduced three months ago.