House Republicans voted on Thursday to replace the 2010 Dodd-Frank Wall Street Reform Act. The CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act is the farthest Republicans have progressed in undoing a number of recent banking-related regulations. The bill is expected to die in the Senate, but it may open the door to further deregulation and removal of many of the choking reforms brought about by Dodd-Frank. President Trump is currently calling for deregulation across the federal government. Ancillary to Trump’s policies, the Treasury Department is expected to release a report detailing the lightening of financial rules and a reinterpretation of Dodd-Frank provisions. Senate Banking Committee Chairman Mike Crapo, a Republican, lauded the passage of the bill saying, “The CHOICE Act makes a positive move away from government micromanagement, and returns to basic principles of safety and soundness and market-driven principles.”
See Lisa Lambert, Republicans Take Knife to Post-Crisis Wall Street Reforms, Reuters, June 8, 2017.
