House to hold hearing on Financial CHOICE Act

Financial Choice Act hearingLast week, the House Financial Services Committee announced that it will hold a hearing to discuss their revised Financial CHOICE Act legislation on Wednesday, April 26, 2017. Today, the Committee released a witness list for the hearing.

The witnesses will be:

  • John Allison, Former President and Chief Executive Officer, 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

In February, House Financial Services Committee Chairman Jeb Hensarling circulated a memorandum to committee leaders outlining potential revisions to the bill that was originally introduced during 2016.

On April 19, 2017, the Committee released a discussion draft of a revised version of the bill, which includes additional changes that would further reduce the CFPB’s authority. The draft bill represents House Republicans’ opening position in the coming debate on financial regulatory reform. The bill would make major, comprehensive changes to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as well as other financial regulatory laws. Observers believe that Republicans will probably attempt to push the bill through the Committee and onto the House floor in the coming weeks. It remains unclear, however, whether Republicans intend to coordinate this legislative effort with the Trump Administration. President Trump signed an executive order in February instructing the Treasury Department to conduct a study on financial regulatory reform. That report is expected to be issued in early June.

A section-by-section summary of the Financial CHOICE Act discussion draft is available here.

Tags: CFPB, Financial CHOICE Act

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