House Financial Services Committee Votes To Repeal And Replace Dodd-Frank -

On September 13th, the House Financial Services Committee approved the Financial CHOICE Act of 2016 to repeal and replace key parts of the 2010 Dodd-Frank law by a largely partisan vote of 30 to 26. Democrats declined to offer any amendments, and Chairman Jeb Hensarling (R-TX) ordered a vote on the bill, H.R. 5983, not long after that became clear.

According to Hensarling, “the Financial CHOICE Act will end taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from growth-strangling regulation that slows the economy and harms consumers; impose tougher penalties on those who commit financial fraud; and demand greater accountability from Washington regulators.”