Posted May 5, 2017
On May 4, 2017, H.R.10, The Financial CHOICE Act passed the House Committee on Financial Services by a vote of 34-26. CHOICE, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, received strong support from community banks and credit unions, but was opposed by some large financial institutions and consumer advocates.
There was bipartisan support for some standalone provisions relating to capital formation and community bank relief; but also an undercurrent of disapproval from some in the GOP over the Durbin Amendment repeal effort. Other contentious areas included changes to the structure of the CFPB and heated debate around the function and role of the GSEs.
The bill heads to the House Rules Committee next, and then to the floor of the House (timing unclear).
Introduced Amendments and Vote Counts can be accessed here.