What is the Financial CHOICE Act and what is it trying to accomplish?
The Financial CHOICE Act is a piece of legislation that would reform the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”). CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs. According to the Financial Services Committee there are seven main key components that the Financial CHOICE Act would address and they are as follows:
- Economic growth must be revitalized through competitive, transparent, and innovative capital markets
- Every American, regardless of their circumstances, must have the opportunity to achieve financial independence
- Consumers must be vigorously protected from fraud and deception as well as the loss of economic liberty
- Taxpayer bailouts of financial institutions must end and no company can remain too big to fail
- Systemic risk must be managed in a market with profit and loss
- Simplicity must replace complexity, because complexity can be gamed by the well-connected and abused by the Washington powerful
- Both Wall Street and Washington must be held accountable
The House Financial Services Committee will start discussions regarding the Financial CHOICE Act tomorrow, Tuesday, September 13, 2016. Included in that discussion will be the addition of possible amendments to the bill and perhaps a vote on the legislation.