House Committee Sets Hearing on Revised Financial CHOICE Act

4/20/2017 8:02:00 PM

The updates to the proposed legislation include changing the name of the Consumer Financial Protection Bureau and its leadership structure a director who could be removed at will.


Following the announcement of revisions to the Financial CHOICE  (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act by U.S. Rep. Jeb Hensarling, R-Texas, the House Financial Services Committee announced it will discuss the Dodd-Frank reforms during a hearing at 10 a.m. (EST) April 26, 2017.

In announcing the hearing, House Financial Services Committee Chairman Hensarling said: “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. We want economic opportunity for all, bailouts for none.  We want real consumer protections that will give you more choices. Our solution grows the economy from Main Street up, creates more opportunities for working families to get ahead, and levels the playing field with no more Wall Street bailouts.”

Witnesses for the hearing include:

  • John Allison, former president and CEO, Cato Institute
  • Norbert J. Michel, senior research fellow, Financial Regulations and Monetary Policy Institute for Economic Freedom and Opportunity, The Heritage Foundation
  • Hester Peirce, director of Financial Markets Working Group and Senior Research Fellow, Mercatus Center
  • Alex J. Pollock, distinguished senior fellow, The R Street Institute
  • Peter J. Wallison, senior fellow and Arthur F. Burn, fellow in Financial Policy Studies, American Enterprise Institute

“Our members and industry thank Chairman Hensarling for his leadership and vision in scheduling this important hearing. We agree that is vital to continue the discussion on how regulatory relief can benefit the hard-working men and women who make up small businesses in America,” said ACA International CEO Pat Morris. “Our members represent the backbone of the financial services sector, and now is the right time to fix the excesses of the Dodd-Frank Act.”

The summary of the draft bill states that its intention is “to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and ‘Too Big to Fail,’ holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.”

Hensarling recently announced several revisions to the Financial CHOICE Act, including changing the name of the Consumer Financial Protection Bureau (CFPB) to the Consumer Law Enforcement Agency (CLEA), according to the discussion draft of the Act.

The president would also appoint an Inspector General for the CLEA no later than 60 days after the Act is in effect, according to the draft.

The Act, introduced in summer 2016, originally included a proposal to replace the CFPB with a five-member bipartisan commission that would be subject to congressional oversight and appropriations, ACA International previously reported. Under the revised version, the CLEA would be led by a director who could be removed at will.

The House Financial Services Committee will focus on discussing the revisions to the Act during Wednesday’s hearing.

ACA will be attending the hearing and provide updates for its members and the industry.

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