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The House Financial Services Committee passed the Financial CHOICE Act (H.R. 10) in a 34-26 vote along party lines.
The legislation is designed to put the Consumer Financial Protection Bureau (CFPB) under Congress’ oversight and add new limits to its enforcement authority. It would also allow banks to boost their capital holding while relaxing some of the Dodd-Frank Act’s banking mandates.
"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 Rep. Jeb Hensarling (R-TX), the committee’s chairman. The legislation is now set to go to the full House of Representatives for debate and a final vote.
