House Republicans Pass 'Choice' Act, Block Fiduciary Rule

"When the Obama Administration signed the Dodd-Frank Act in 2010, it said the law would end the too-big-to-fail phenomenon that led to a taxpayer funded bailout of big banks following the 2008 financial crisis, protect Americans from financial fraud and abusive banking practices, and hold Wall Street accountable".

"Our community banks are in trouble", said House Speaker Paul Ryan (R-Wis.) "They are being crushed by the costly rules imposed on them by the Dodd-Frank Act".

MetLife chief executive Steven Kandarian welcomed the Act, representing an insurer that has been more affected than most by the federal powers that Dodd-Frank gives to Treasury regulators, in particular the Financial Stability Oversight Council (FSOC).

In a report on regulatory reform, the Federal Reserve described the USA banking system as much more robust and resilient than it was before the financial crisis.

President Donald Trump's promise to loosen post-financial crisis regulations by dismantling Dodd-Frank is making headway.

In a transparently partisan vote today, the House passed the 2017 Financial CHOICE Act (commonly referred to as "CHOICE Act 2.0"), leaving the future of the bill to be determined by the Senate.

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Mr Tillerson's statement called on other Gulf partners to do more to cut off support within their own countries for extremists. Qatar's envoy to the United States also appealed to the Trump administration to take an objective view regarding the crisis.

Dodd-Frank has been blamed for its one-size fits all approach. The bureau was created to oversee banks, regulate consumer financial good markets and track complaints.

The House on Thursday is preparing to vote on sweeping legislation to roll back Wall Street regulations. Finally, other major provisions of the CHOICE Act provide relief for community banks, which have suffered as a result of heavy paperwork and compliance burdens under Dodd-Frank.

It still must be approved by the Senate before it can take effect, however, and that will be more of a challenge since it will require some Democrats to join the majority Republicans. It would also create a new bankruptcy code chapter to handle the failure of large, complicated financial institutions.

The Democrat described his own experience working with banks and said the bill favors the interests of politicians.

The CHOICE Act would turn the CFPB, which Republicans consider abusive and unaccountable, into the Consumer Law Enforcement Agency.

Hensarling, speaking to reporters in Washington Thursday, said Crapo could try to attach changes to Dodd-Frank to a must-pass bill, such as legislation that funds the government. "What's worse, it hit rural America the hardest, allowing big banks to get bigger while crushing small businesses and farmers" ability to get the loans they need.

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