Reed Supports Rollback of Dodd-Frank Banking Regulations

The bill would also ease regulations on local banks by eliminating the need for "stress tests" that require financial institutions to have plans for how to respond to another economic crisis.

The Financial Choice Act of 2017 passed the U.S. House of Representatives on Thursday, with the support of all 14 Republican representatives from California.

The bill had no votes from the Democrats, and it is unlikely to pass in the Senate.

Trump promised during his campaign to "dismantle" Dodd-Frank, but never specified how he would want to change or amend the law.

The House of Representatives on Thursday approved Republican-backed legislation that would rollback numerous consumer protections and financial regulations codified in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Speaking on the House floor Thursday, Royce said that in California small community banks and credit unions are going out of business and are "struggling under this Dodd-Frank legislation..."

H.R. 10: the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act is meant to end taxpayer-funded bailouts of Wall Street banks and create more opportunities for Americans on Main Street, but the Alabama delegation's sole Democrat, 7th District U.S. Rep. "We must reverse this trend, and I am pleased that the TAILOR Act has passed through the House as part of CHOICE".

According to an analysis by the Congressional Budget Office, the bill would reduce federal deficits by $24.1 billion over a decade. "They put it into a mandatory bucket of spending", Reed said.

He said while he thinks Dodd-Frank was well-intended, he argues that it places too much regulatory burden and costs on small financial institutions.

If approved by the Senate - which some Democratic House members said was far from likely - and signed into law by President Trump, the legislation would, among other things, alter the process by which stockholders introduce shareholder resolutions.

The FCA also would restructure the Consumer Financial Protection Bureau (CFPB) and make it harder for that agency to peruse those engaged in predatory lending practices.

Republicans who voted for the bill said it would open the door to more capital for small community banks. It transferred power to financial regulators and away from consumers, and the Financial CHOICE Act returns the power to Americans to make decisions based on their needs and the needs of their families.

"It's called the Financial CHOICE Act".

"It's shameful that Republicans have voted to do the bidding of Wall Street at the expense of Main Street and our economy".

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