House of Representatives Passes Financial CHOICE Act

On June 8, 2017, the House of Representatives passed the “Financial CHOICE Act of 2017” (H.R. 10) (the “CHOICE Act”). The vote was 233 to 186, largely along partisan lines. The CHOICE Act had been approved by the House Financial Services Committee on May 4, 2017. The bill is a major overhaul of the current financial services regulatory regime including a partial repeal of Dodd-Frank. (For previous Cabinet coverage of general provisions of the bill, see House Republicans Release Revised CHOICE Act.)

Financial Services Committee Chair Jeb Hensarling (R-TX) stated that the CHOICE Act would have a significant impact on the economic wellbeing of the United States:

“[The CHOICE Act] stands for economic growth for all, but bank bailouts for none. We will end bank bailouts once and for all. We will replace bailouts with bankruptcy. We will replace economic stagnation with a growing, healthy economy.”

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