Chairman Hensarling Talks CHOICE 2.0; Senate Banking Announces Reform Process

House Financial Services Chairman Jeb Hensarling told the U.S. Hispanic Chamber of Commerce (USHCC) that the House Republicans would "soon put forth" the Financial Choice Act 2.0 and begin the process of "taking Dodd-Frank and throw[ing] it on the ash heap of history," according to a ThinkAdvisor article.

While speaking at the USHCC’s legislative summit, Hensarling detailed some of the changes to the Choice Act's provisions, many of which were previewed in the February 6th memo. He made a point to tell the attendees that ensuring access to capital for businesses, big and small, was a priority and that "we will ensure a bank bailout for no one" under the Act. The article mentions "a rigorous cost-benefit analysis" for any new regulation under the Chairman's proposed legislation and a high bar for regulators, who must show that any new regulation "actually helps the economy."

Meanwhile, on Monday, March 20th, the Senate Banking Committee issued a joint release from Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) announcing they are soliciting legislative proposals to "increase economic growth." As outlined in the bipartisan press release, the Committee will collect reform proposals until Friday, April 14th with each submission clearly identifying three to five priority proposals that will promote economic growth and/or enable consumers, market participants and financial companies to better participate in the economy.

On this process, Chairman Crapo said, "Ranking Member Brown and I have designed an orderly process for consideration of proposals that will help consumers, market participants, and financial companies responsibly participate in the economy in a more effective and efficient manner, we welcome input from all interested stakeholders to that end." Ranking Member Brown is quoted as saying, "After seeing the impact of the financial crisis on Americans, I look forward to proposals that will create real economic growth and jobs, and help reverse years of stagnant wages and widening inequality."

In a separate Bloomberg BNA article concerning reform efforts, Senator Brown stated that "Senate Democrats will resist a 'wholesale rollback' of the Dodd-Frank Act," but stressed that he was willing to work with Banking Committee Chairman Mike Crapo on areas of Dodd-Frank where "a concrete problem based on evidence" exists.

SFIG remains actively 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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