H.R. 10: Financial CHOICE Act of 2017

H.R. 10: Financial CHOICE Act of 2017

Why this bill is important:
This bill would replace the Consumer Financial Protection Bureau (CFPB) under the executive branch with the director appointed by the President. Currently, it is an independent government organization. This would also eliminate the Volcker rule, which sets limitations on how much banks can trade and invest for their own personal gain.

Why this bill is bad:
This bill will eliminate many of the regulations set forth by the Dodd-Frank Act. The elimination of the Vlocker rule is particularly important because this will allow banks to make trades with the money that is supposed to be readily available in your bank account. Doing so is very risky and this was one of the components that contributed to the financial crisis in 2008. The CFPB acts as a watchdog of the financial industry — this bill will get rid of the watchdog.

What’s the latest?
As of July 13, 2017, Senate has had the Committee on Banking, Housing, and Urban Affairs hearings held on this bill.

Sponsor: Rep. Jeb Hensarling (R-TX)