On Thursday, June 8, the U.S. House of Representatives passed the Financial Choice Act. The Act, which was approved along mostly party lines, would repeal and replace most of the financial regulations contained in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Supporters of the Act argued that, by easing financial regulations imposed after the 2008 financial crisis, economic growth would be spurred.
The bill was also supported by the Trump Administration, according to The Washington Post.
The proposed legislation now heads to the Senate where it will likely face substantial Democratic opposition. It has not, however, been reported whether some or all of the Act can be passed on a majority basis over Democratic objections, or whether Senate action requires 60 votes, which would necessitate bipartisan support for any final legislation.
The outcome of this legislation is of great importance to over 6,000 banks and their customers.