115th Congress > House > Vote 298
Clerk session vote number: 299
Description: Financial CHOICE Act of 2017
Bill summary: 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
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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 Designations made previously are retroactively repealed.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.
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Bill titles: To create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.
Links for more info on the vote: congress.gov
