MetLife praises passing of Financial Choice Act in House
- Author: Salvatore Jensen Jun 10, 2017,
Jun 10, 2017, 21:04
While across Capitol Hill on Thursday the Senate was drawing attention for its hearing with James Comey, the fired Federal Bureau of Investigation director, the House passed a bill to roll back some of the strongest Wall Street regulations from the financial crisis.
In a primarily partisan vote, the House passed the CHOICE act which stands for the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act.
The Idaho Republican has set his own target of early 2018 to pass major bank reform legislation.
Thursday's vote went almost straight down the House partisan line.
Also targeted for reform by the bill is the Consumer Financial Protection Bureau, which would be renamed the Consumer Law Enforcement Agency and stripped of its examination powers and "UDAAP" enforcement authority. The Financial CHOICE Act repeals these and other unrelated provisions to keep the focus on strengthening our economy.
The legislation also repeals Dodd-Frank's Durbin amendment, which places limits on debit card processing fees, and the Volcker Rule, which bans banks from speculatively investing borrowed money in ways proven not to benefit customers, among other cuts to provisions specifically created to protect the average Jill.
It passed the House on a mostly party-line vote of 233-186.
McCarthy argues that the bill would dismantle Dodd-Frank and with it, eliminate $10 billion in annual regulatory costs, reduce the deficit by $24 billion, and promote economic growth. "This bill represents a big win for credit unions and their members".
"All of the promises of Dodd Frank were broken". "There is a better way: economic growth for all; bank bailouts for none".
"We will make sure there is needed regulatory relief for our small banks and credit unions, because it's our small banks and credit unions that lend to our small businesses that are the jobs engine of our economy and make sure the American dream is not a pipe dream", he added. "This is a big step forward in the necessary reform of Dodd-Frank's onerous efflorescence of regulatory bureaucracy". As a result, many families lost their homes as well as their life savings when the stock market crashed.
Hensarling, speaking to reporters in Washington Thursday, said Crapo could try to attach changes to Dodd-Frank to a must-pass bill, such as legislation that funds the government.
The Financial CHOICE Act, a massive bill from Republican Rep. Jeb Hensarling, the chairman of the House Financial Services Committee, would do away with numerous protections in the landmark Dodd-Frank Act.
The chances of passage are uncertain, considering the strategy of Senate Democrats to obstruct everything that Republicans propose, no matter what the merits.