The bill, sponsored by Jeb Hensarling, Chair of the House Financial Services Committee, was framed as a Republican proposal to reform the financial regulatory system and relieve business community of the affliction of Dodd-Frank. "There is a better way: economic growth for all; bank bailouts for none".
"To think in a democracy that one un-elected individual can functionally decide what credit cards go in our wallets, what mortgages we can have on our home, whether or not we even have a checking account". "We will replace complexity with simplicity".
House Resolution 10, or the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act of 2017, passed by a vote of 233-186 in the lower chamber Thursday afternoon. The Dodd-Frank provision championed by former Federal Reserve Chairman Paul Volcker is meant to keep banks from taking gambles that could lead to a government bailout. In an interview with Reuters in May of 2016, Trump blamed the 2010 legislation for having a deleterious impact on the financial services industry and the wider economy.
In perhaps the biggest partisan flashpoint, the bill aims to scale back the authority of the Consumer Financial Protection Bureau to regulate large banks and payday lenders. Families looking to keep their money safe are hit with fees they can't afford.
However, other Dodd-Frank proponents didn't take the same "glass is half full" approach, especially with the fiduciary rule. "This law may have had good intentions, but its consequences have been dire for Main Street". This crucial provision provides banks a reasonable and fundamental trade-off: more capital, less intrusive regulation. "The burdens created are real". "People believe there should be more - not less - regulation of Wall Street".
►Rein in unchecked Washington bureaucrats.
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Democrats disagree, saying the bill has important merits in consumer protection regulations.
"This bill is a vehicle for Donald Trump's agenda to deregulate and help out Wall Street", Ms. Waters said. But Congress' legislation would be needed to actually revamp the law. But Democrats noted that the American Bankers Association, a lobbying group for banks, has spoken favorably about measures contained in Hensarling's legislation.
Meanwhile Democrats, who refer to the Choice Act as "the Wrong Choice Act", have long considered Dodd-Frank a key component of consumer protection and a necessary safeguard to prevent another economic crisis. Research from the Federal Reserve Bank of Minneapolis, for example, suggests that the largest banks would need more than twice as much to reduce the probability of distress to an acceptable level. "Ideally, the U.S. Senate will understand what Americans understand: that commonsense safeguards are crucial for an industry that runs on risk. We look forward to working with lawmakers in the House and Senate as this process moves forward".
The House on Thursday is preparing to vote on sweeping legislation to roll back Wall Street regulations. "This bill represents a big win for credit unions and their members". Instead, it would depend on Congress for its funding just as most federal agencies do. Senate Republicans say they will craft a companion measure. The landscape is far different in the Senate, where Democrats have the votes to block it.
"Don't forget that numerous issues that we're dealing with are very complicated issues, and that most of our members are focused on the committees where they work", Waters said. The bill seeks to undo significant parts of the 2010 financial reform law.