On April 26, the House Financial Services Committee held a hearing to discuss The Financial CHOICE Act – a GOP proposal to “reform the financial regulatory system” that was initially introduced and considered, though differing in a number of respects from the current version, but not adopted in the last Congress. The hearing debated the merits of a discussion draft, which was released on April 19 by Committee Chairman Jeb Hensarling (R-TX). Shortly after Wednesday’s hearing, Chairman Hensarling formally introduced H.R. 10, The Financial CHOICE Act of 2017. An Executive Summary of the proposed legislation has also been released.

The April 26 hearing – a video of which can be accessed here – included testimony from the following witnesses:

  • Mr. Peter J. Wallison, a Senior Fellow and Arthur F. Burn Fellow, Financial Policy Studies with the American Enterprise Institute (prepared statement)
  • Dr. Norbert J. Michel, a Senior Research Fellow, Financial Regulations and Monetary Policy, with the Heritage Foundation (prepared statement)
  • The Honorable Michael S. Barr, a Professor of Law at University of Michigan Law School (prepared statement)
  • Mr. Alex J. Pollock, a Distinguished Senior Fellow with the R Street Institute (prepared statement)
  • Dr. Lisa D. Cook, an Associate Professor of Economics and International Relations at Michigan State University (prepared statement)
  • Ms. Hester Peirce, a Director in the Financial Markets Working Group and Senior Research Fellow at the Mercatus Center at George Mason University (prepared statement)
  • Mr. John Allison, Former President and Chief Executive Officer with the Cato Institute (prepared statement)

On April 28, Democrats held a separate hearing pursuant to Clause (d)(5) of Rule 3 of the Committee rules, which entitles members of the minority party to call its own hearing on any matter that is the subject of a majority hearing. The second hearing day – a video of which can be accessed here – included testimony from the following witnesses:

  • The Honorable Elizabeth Warren, United States Senator
  • Rohit Chopra, Senior Fellow, Consumer Federation of America
  • Corey Klemmer, Corporate Research Analyst, Office of Investment, AFL-CIO
  • Rev. Willie Gable, Pastor, National Baptist Convention USA, Inc. (prepared statement)
  • John C. Coffee Jr., Adolf A. Berle Professor of Law, Columbia University (prepared statement)
  • Rob Randhava, Senior Counsel, Leadership Conference on Civil and Human Rights (prepared statement)
  • Melanie Lubin, Maryland Securities Commissioner, North American Securities Administrators Association (prepared statement)
  • Emily Liner, Senior Policy Advisor, Economic Program, Third Way (prepared statement)
  • Amanda Jackson, Organizing and Outreach Manager, Americans for Financial Reform
  • Ken Bertsch, Executive Director, Council of Institutional Investors (prepared statement)
  • Sarah Edelman, Director, Housing Policy, Center for American Progress (CAP)

Ranking Minority Member Maxine Waters (D-CA) also used the hearing to express her strong disapproval of what she has dubbed the “Wrong Choice Act.” Among other things, the ranking member alleged that the proposed legislation would “destroy[] Wall Street reform, gut[] the Consumer Financial Protection Bureau, and returns us to the financial system that allowed risky and predatory Wall Street practices and products to crash our economy.”