NACHA Government Relations Update - Aug. 18, 2016

Posted August, 15 2016

HFS Releases Amended Executive Summary of The Choice Act
On Aug. 5, 2016, the House Financial Services Committee released the amended executive summary of The Choice Act. The bill is intended to repeal portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Committee staff sought industry comments on the proposal and NACHA GRAG members provided their thoughts during Capitol Hill Day in June.

The Key Principles include:
  1. Economic growth must be revitalized through competitive, transparent, and innovative capital markets;
  2. Every American, regardless of their circumstances, must have the opportunity to achieve financial independence;
  3. Consumers must be vigorously protected from fraud and deception as well as the loss of economic liberty;
  4. Taxpayer bailouts of financial institutions must end and no company can remain too big to fail;
  5. Systemic risk must be managed in a market with profit and loss;
  6. Simplicity must replace complexity, because complexity can be gamed by the well-connected and abused by the Washington powerful; and
  7. Both Wall Street and Washington must be held accountable. 
Legislative Tool Kit
House 2016 Calendar (also in bottom right hand bar)
Senate 2016 Calendar (also in bottom right hand bar)​​
Access: Public