Rep. Duffy Outlines House Approach to Dodd-Frank Rollback

On Tuesday, January 31st, while making statements at a Chamber of Commerce event, Rep. Sean Duffy (R-WI), Chairman of the House Financial Services Subcommittee on Housing & Insurance, explained that House Republicans plan to introduce legislation to roll back Dodd-Frank as early as mid-February. According to a BNA article, Duffy believes that the committee will be able to get a bill to the House floor by spring.

This reform effort will come in the form of the Financial Choice Act. An earlier version of the Choice Act was approved by the House Financial Services Committee last September but did not receive a vote on the House floor before the close of the session.

House Financial Services Committee Chairman Rep. Jeb Hensarling (R-TX), the bill’s sponsor in the 114th Congress, has indicated that this newest version of the Choice Act will contain largely the same policy measures. Major components of the bill include lifting many limits on proprietary trading and new approaches to resolution authorities for distressed banks. The earlier version of the Choice Act also would restrict the authority of the Financial Stability Oversight Committee, and rein in the independence of the Consumer Financial Protection Bureau.

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