Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Financial Choice Act passes in House

Joe Mont | June 9, 2017

Leaping over its biggest hurdle yet, the Financial CHOICE Act earned a majority vote in the House of Representatives on June 8.

The nearly 600-page bill passed with a party-line vote of 233 to 186. It now moves into the far greater challenge of passage in the Senate.

The legislation is a comprehensive package of rules and regulations intended to overhaul and replace what its architect, Rep. Jeb Hensarling (R-Texas), refers to as “the failed Dodd-Frank Act that has contributed to the worst economic recovery of the last 70 years.”

“Every promise of Dodd-Frank has been broken,” Hensarling said in a statement. “The Financial CHOICE Act… stands for economic growth for all, but bank bailouts for none.  We will end bank bailouts once and for all.  We will replace bailouts with bankruptcy.  We will replace economic stagnation with a growing, healthy economy.”

“We will make sure there is needed regulatory...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.