Potential Regulatory Relief—Financial CHOICE Act 2.0

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Posted by John Ellerman, Pay Governance LLC, on Saturday, May 27, 2017

Editor’s Note: John R. Ellerman is a founding Partner of Pay Governance LLC. The following post is based on a Pay Governance memorandum by Mr. Ellerman.

On May 4, 2017, the U.S. House of Representatives Financial Services Committee voted to advance the Financial CHOICE (“Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs”) Act (Version 2.0) to the House of Representatives for further consideration and a vote. The CHOICE Act is designed to rewrite many of the rules and provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protect Act (“Dodd-Frank”). The proposed legislation was passed on a party-line vote of 34-26 and has advanced to the full House for a vote at some future date. The legislation is expected to pass the House due to its Republican majority. However, after passage by the House, the bill will be taken up by the U.S. Senate, where a 60-vote majority will be required. To date, Senate Democratic lawmakers have voiced their objections to the CHOICE legislation and have vowed to filibuster.

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May 27, 2017 at 07:47PM

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