The Financial Choice Act: Empowering Americans

The Financial Choice Act: Empowering Americans

The Financial Choice Act: Empowering Americans

Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Instead, making small tweaks to Dodd-Frank, such as providing relief for community banks, is more probable. Many observers believe that the law, enacted in the wake of the financial collapse of 2008, has smothered the financial system and inhibits #Economic Growth through overregulation.

Sewell continued, "Between the home foreclosures, rising unemployment, and the families whose dreams were stripped away to pay for Wall Street's mistakes, it is hard to forget".

The bill, H.R. 10, is a almost 600-page wishlist for congressional Republicans who want to repeal Dodd-Frank.

Brown's opposition likely means any deal Crapo can strike with Democrats won't include some of the most ambitious elements of the House bill, like gutting the Consumer Financial Protection Bureau, a watchdog agency created to shield consumers from lending abuses. No Democrats in the House voted for the legislation. Christopher Dodd, D-Conn., right, and then- House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., speak to reporters outside the White House in Washington, after their meeting with President Barack Obama.

Reform of Dodd-Frank now moves to the United States Senate. That way, even if they run into financial trouble, the banks should have enough money to survive without taxpayers' help, supporters of the bill say. "There is a better way: economic growth for all; bank bailouts for none".

The Financial CHOICE Act undercuts several major provisions in Dodd-Frank, including the Consumer Finance Protection Bureau, an independent agency now empowered to protect consumers from deceptive banking practices through fines, lawsuits and market rules.

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McIlroy joked earlier in the week that anyone who couldn't hit such wide fairways "might as well pack your bags and go home ". In 2016, what many, including myself thought would be the year Fowler finally won a major, it was more of the same.

Big banks, from Goldman Sachs to Bank of America, would face less scrutiny and other large financial institutions, such as insurance giant MetLife, could escape tougher rules all together under the legislation approved along party lines.

The bill would take away the the Financial Stability Oversight Council's mandate to designate non-bank financial institutions and utilities as "systemically important", with those now designated as such being freed from the additional associated regulatory standards.

The Republican-majority House vote in favor of CHOICE Act 2.0 today echoes the campaign sentiment of President Trump, who consistently promised to "dismantle" Dodd-Frank.

"I'm pleased the House has passed the CHOICE Act", said Alex Pollock, R Street's distinguished senior fellow. Democrat critics said it would "pave the way" for economic damage on the scale of the financial crisis or worse.

The bill passed 233-186 with 11 abstaining.

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