USA April 21 2017 On April 19, House Financial Services Committee Chairman Jeb Hensarling (R-TX) announced that the Committee will hold a hearing to discuss the Financial CHOICE Act next Wednesday, April 26.
The hearing will focus on an updated discussion draft of the bill at next Wednesday’s hearing.
If enacted, the Financial CHOICE Act would, among other things, tailor a bank’s supervision to its risk profile/business model and provide for an independent exam appeals process, while also providing for and imposing more stringent penalties in cases of fraud or deception.
According to a press release from GOP Committee members, the proposed new law is based upon two central principles: (i) “all banks need to be well-capitalized” but (ii) “Dodd-Frank’s one-size-fits-all regulations .
Waters argues that the proposed law “prioritize[s] the needs of Wall Street over the needs of hard-working Americans,” and “would take away much needed protections and put our economic security at risk.”
The bill aims to stop bailouts, increase Wall Street accountability and get rid of the “one-size-fits-all” regulatory environment for banks.
Enlarge Birmingham bank experts are cautiously optimistic about proposals to change banking… more“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said Financial Services Committee Chairman Jeb Hensarling (R-TX).
“It would be awful to get this passed only to have the Democrats sweep to victory in either 2018 or 2020 and reimpose Dodd-Frank,” Norris said.
Michael Seale covers the banking, finance and legal beats for the Birmingham Business Journal
“The Senate is where it will face more issues, especially because the filibuster procedure is still allowed for legislation.
The Week Ahead: FSC to Hold Financial CHOICE Hearing
On Wednesday at 10 a.m. EST, in the wake of President Trump’s executive order targeting Dodd-Frank and Consumer Protection, the Financial Services Committee (FSC) will hold a hearing to discuss the Financial CHOICE act.
At the center of the act is a plan eliminate bailouts and hold Wall Street accountable.
That’s not what Wall Street wants, but it is what hardworking Americans need to have a healthier economy with more opportunities so they can achieve financial independence.”
“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said FSC Chairman Jeb Hensarling.
Yet Americans have suffered through the worst recovery in 70 years, Dodd-Frank guarantees future bailouts for Wall Street, and consumers are paying more and have fewer choices,” said Hensarling.