H.R.10 - Financial CHOICE Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Hensarling, Jeb [R-TX-5] (Introduced 04/26/2017)|
|Committees:||House - Financial Services; Agriculture; Ways and Means; Judiciary; Oversight and Government Reform; Transportation and Infrastructure; Rules; Budget; Education and the Workforce | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-153,Part 1 Book 1 ; H. Rept. 115-153,Part 1 Book 2 ; H. Rept. 115-153,Part 2|
|Latest Action:||07/13/2017 Committee on Banking, Housing, and Urban Affairs. Hearings held. (All Actions)|
|Roll Call Votes:||There have been 5 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.10 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (04/27/2017)
Financial CHOICE Act of 2017
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:
- repeal Volcker Rule restrictions on certain speculative investments by banks;
- with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and
- repeal Durbin Amendment limitations on fees that may be charged to retailers for debit card processing.
Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.
The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.
The bill also amends the Consumer Financial Protection Act of 2010 to:
- convert the Consumer Financial Protection Bureau into a consumer law enforcement agency;
- subject the agency to the congressional appropriations process, expanded judicial review, and additional congressional oversight;
- eliminate supervisory authority over financial institutions; and
- limit the agency's authority to take action against entities for abusive practices.
In addition, the bill:
- modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority;
- eliminates the Office of Financial Research within the Department of the Treasury; and
- revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.