Speaking at the Washington-based Heritage Foundation on Thursday, Hensarling said his goal is to have the Financial Choice Act marked up sometime in September. CHOICE stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.
“We want the American people to see our proposal, because it will result in economic growth for all and bank bailouts for none,” Hensarling said. “Dodd-Frank has failed. It has contributed to the slowest, smallest, weakest and worst economic recovery of our lifetimes. We must instead offer all Americans greater opportunities to raise their standards of living and achieve financial independence by replacing Dodd-Frank with real reforms that work.”
The Committee also publicly issued a description of each section of the proposal and how its reforms will work.
Hensarling’s changes include retroactively repealing the Financial Stability Oversight Council’s (FSOC) authority to designate firms as systemically important financial institutions (SIFI) and giving the Consumer Financial Protection Agency a new name— the “Consumer Financial Opportunity Commission (CFOC).”