U.S. Rep. Jeb Hensarling Discusses Financial CHOICE Act

6/8/2017 7:42 AM

Chairman Hensarling, lead sponsor of H.R. 10, the Financial CHOICE Act, stands ready to negotiate in good faith with Democrat colleagues in the Senate.


In a discussion about H.R. 10, the Financial CHOICE Act, Texas Republican Jeb Hensarling confirmed to MSNBC that the legislation has support from the Trump Administration.  In a statement from the White House, they stated that its “supports passage” of the legislation “as a necessary step in moving financial reform legislation through the Congress.  Upon passage, the administration looks forward to working with the Senate on arriving at a final piece of legislation.  House Republicans’ legislative replacement for the 2010 Dodd-Frank financial reform law is expected for a vote on Thursday. 

The legislation contains language that would change the Consumer Financial Protection Bureau’s (CFPB) name to the Consumer Law Enforcement Agency (CLEA), and would require the agency to be led by a director and deputy director who could be removed at will by the president. It would also call for congressional oversight and funding through the appropriations process.

“The (CLEA) is there to ‘enforce the law, not make up the law,’ this particular agency is making up the law,” U.S. Rep. Hensarling said during his interview on MSNBC.  “The best form of consumer protection is competitive, innovative, transparent markets that are vigorously policed for force and fraud. But the so called CFPB in many cases has actually hurt consumers since it has come into fruition...what we are trying to do is replace it with something called the (CLEA) that is there to actually enforce our roughly two-dozen major federal consumer protection laws, but it is there to enforce the law, not make up the law and this particular agency is making up the law.”

Hensarling also told MSNBC he is willing to negotiate—to an extent—with Democrat members of Congress.

“I am going to try hard to get Democrat votes to ultimately get this signed into law. Now certain portions of the Financial CHOICE Act can be passed through this process called reconciliation, which means it needs a simple majority, not a super majority in the Senate,” Hensarling said. “I think there are provisions of the Financial CHOICE Act that could draw Democratic support.”

He added, “I think increasingly, the mere fact that we would pass the Financial CHOICE Act will create greater momentum for this to get done and I know it’s still a priority of the administration. I met with the Vice President last evening who reiterated it is a priority to get it done.”

Hensarling, the lead sponsor of the bill and chairman of the House Financial Services Committee, introduced the Financial CHOICE Act 2.0 in the 115th Congress before the committee’s vote in May.

In a 34-26 vote along party lines, the House Financial Services Committee passed the legislation on May 4 with significant reforms to the CFPB structure and regulatory relief for small financial institutions, ACA International previously reported.

ACA International will continue to follow the Financial CHOICE Act and provide updates for our readers.

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