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On Friday, Speaker Paul Ryan revealed that a Republican bill to replace President Obama's bank regulation act is headed to the House of Representatives as early as next week.
http://financialservices.house.gov/news/documentprint.aspx?DocumentID=401939
House to Vote on Financial CHOICE Act Next Week
Legislation Ends Bank Bailouts, Promotes Economic Growth
Washington, June 2, 2017 -
The House will consider legislation next week to end bank bailouts, promote economic growth and provide desperately needed regulatory relief for community banks and credit unions.
The bill – H.R. 10, the Financial CHOICE Act – is the Republican alternative to the failed Dodd-Frank Act which has contributed to the slowest economic recovery since World War II.
“The Financial CHOICE Act offers economic opportunity for all and bank bailouts for none. The era of ‘too big to fail’ will end and we will replace Dodd-Frank’s growth-strangling regulations on community banks and credit unions with reforms that expand access to capital so small businesses can create jobs and consumers have more choices and options when it comes to credit,” said Financial Services Committee Chairman Jeb Hensarling (R-TX), the bill’s sponsor. “With the Financial CHOICE Act, we will unleash America’s economic potential and give Main Street job creators desperately needed help so more Americans can find work, have good careers and give their families a better life.”
CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, was approved by the Financial Services Committee last month by a vote of 34-26. The bill has received strong support from community banks and credit unions. Large financial institutions did not offer their support for the Financial CHOICE Act. Instead, Wall Street CEOs have publicly said they do not support repealing Dodd-Frank.
The Congressional Budget Office reports the Financial CHOICE Act would reduce the deficit by $24.1 billion over 10 years and that the bill’s regulatory relief would benefit community banks and credit unions. The nation’s largest banks would be unlikely to raise enough capital to meet the bill’s requirement for substantial regulatory relief, the CBO reported.
For even more information about the bill, visit www.financialCHOICE.gop. |
