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CBO: Financial CHOICE Act, if all goes to plan, could save billions

Joe Mont | May 24, 2017

The Congressional Budget Office has released is “scoring” of the Financial CHOICE Act, a comprehensive repeal and replace of financial regulations, many of them contained in the Dodd-Frank Act.

The CBO estimates that enacting the legislation would reduce federal deficits by $24.1 billion over the 2017-2027 period.

Direct spending would be reduced by $30.1 billion, and revenues would be reduced by $5.9 billion, the report says. Most of the budgetary savings would come from eliminating the OLF and changing how the Consumer Financial Protection Bureau is funded.

The Financial CHOICE Act proposes re-establishing the CFPB as a civil enforcement agency focused totally on consumer protection. Renamed the Consumer Law Enforcement Agency, the agency would be accountable to Congress and the President by bringing it onto the regular appropriations process, similar to other...

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