The House of Representatives on June 8, 2017, passed the Financial CHOICE Act 233-186 on a virtual party line vote. The CHOICE Act would have a wide ranging impact on U.S. financial services regulation. It would repeal or modify a series of important elements of the Dodd-Frank Act concerning financial stability, bank regulation, the Volcker Rule and the Consumer Financial Protection Bureau. It would also rescind the Department of Labor’s new fiduciary regulations under ERISA, seek to encourage capital formation and enhance penalties for banking and securities law violations. To date, there appears to be little prospect that the Senate would pass a comprehensive financial regulation bill that includes the types of changes contained in the CHOICE Act in light of the 60 vote considerations present under existing Senate rules.
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