House Committee Approves Broad Financial Regulatory Changes

On May 8, the House Financial Services Committee passed a revised version of the Financial CHOICE Act on a partisan vote of 34-26. The bill would roll back several key provisions of the 2010 Dodd-Frank financial regulation law, including a revocation of the Financial Stability Oversight Panel’s authority to identify and regulate systemically important financial institutions. It would also impose new restrictions on the Federal Reserve’s lending operations and overhaul the structure and authority of the Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank law to protect consumers from fraudulent and predatory financial products. The bill is expected to come to a full vote in the House soon.

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