Financial Services Committee Reviews Dodd-Frank Reform Bill

On Wednesday, April 26th, the House Financial Services Committee held a hearing on the Financial CHOICE Act of 2017.

The CHOICE Act, an earlier version of which was passed by the committee in the previous Congress, represents House Republicans’ first step towards reforming the 2010 Dodd-Frank act.

According to an analysis by Compass Point, the bill seeks to rework a number of Obama-era provisions which directly impact the securitization market. Some of these reforms include reduced reporting requirements for Nationally Recognized Statistical Rating Organizations, a repeal of the Volcker rule, and an exemption from risk retention requirements for qualified banks which meet a baseline 10% capital requirement.

The next step for the CHOICE Act will be a full committee mark-up of the bill which is reportedly slated for Tuesday, May 2nd. At that time, committee members will have the opportunity to offer amendments to the legislation.

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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