CBO Report Explores Impact of CHOICE Act

According to an article in HousingWire, the non-partisan Congressional Budget Office (CBO) recently released a report finding that, if passed, the CHOICE Act would reduce federal deficits by $24.1 billion over the next 10 years. The article explains that this savings would largely be achieved by provisions in the bill which eliminate the Orderly Liquidation Fund and change the way that the CFPB is funded.

The CBO report also finds that many of the largest U.S. banks would likely not elect to use the "regulatory off-ramp", a key provision of the CHOICE Act. The off-ramp would allow banks that maintain a minimum 10 percent leverage ratio the option to be exempted from nearly all other existing capital requirements and enhanced prudential standards. However, the report concludes that "the eight largest banks headquartered in the United States...would not make the election because they would have to raise much more capital."

SFIG remains engaged with both chambers on Capitol Hill in these reform efforts, and will continue to discuss our regulatory priorities with those key committees of jurisdiction. These activities come as we work with the various regulatory agencies in the new Administration to identify laws and regulations in need of reform.

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