House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX made wavesearlier this year when he announced a Republican-crafted plan to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act and replace it with a “pro-growth, pro-consumer” alternative.
Many of the tenets of the Republican plan, called the Financial CHOICE Act, were later echoed by the Republican Party’s national platform, adopted during its convention in July.
Included in the Financial CHOICE Act (“CHOICE” in this instance stands for “Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs”) is an end to “too-big-to-fail bailouts, dramatic reforms to the Consumer Financial Protection Bureau, and an overhaul of a financial regulatory system that is choking the country’s economic recovery.
Now, the Financial CHOICE Act is about take one step closer to becoming reality.
The Republican arm of the House Financial Services Committee announced Thursday that the Committee will begin meeting next week to discuss the Financial Choice Act.