Tornado Alley (PROG)

[Mariner*]

House Debate on Dodd-Frank Replacement Legislation House members debated H.R. 10, the Financial CHOICE Act, which would repeal and change significant portions of the 2010 Dodd-Frank financial regulations law. Republicans argued that Dodd-Frank regulations were a drag on the economy and community banks have gone out of business. Democrats argued that doing away with Dodd-Frank would return the economy to pre-recession levels and consumers would be taken advantage of.
https://www.c-span.org/video/?429507-3/house-debate-doddfrank-replacement-legislation

H.R.10 - Financial CHOICE Act of 2017
https://www.congress.gov/bill/115th-congress/house-bill/10

https://www.congress.gov/bill/115th-congress/house-resolution/375

Financial CHOICE Act of 2017

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:

repeal Volcker Rule restrictions on certain speculative investments by banks;with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; andrepeal Durbin Amendment limitations on fees that may be charged to retailers for debit card processing.

Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.

The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.

The bill also amends the Consumer Financial Protection Act of 2010 to:
convert the Consumer Financial Protection Bureau into a consumer law enforcement agency;subject the agency to the congressional appropriations process, expanded judicial review, and additional congressional oversight; eliminate supervisory authority over financial institutions; andlimit the agency's authority to take action against entities for abusive practices.

In addition, the bill:
modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority;
eliminates the Office of Financial Research within the Department of the Treasury; and revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

December 1, 2016

Changes to Dodd-Frank Financial Regulations Law The House considered a bill making substantial changes to the Dodd-Frank financial regulations bill. The action would dispense with the requirement that the Federal Reserve consider additional oversight for banks with more than $50 billion in assets.
https://www.c-span.org/video/?419394-2/changes-doddfrank-financial-regulations-law