House Financial Services Committee Chairman Jeb Hensarling, R-Texas, said Tuesday his Financial CHOICE Act that seeks to replace Dodd-Frank and kill DOL’s fiduciary rule will likely move to the House floor for a vote after the election, and that presidential candidate Donald Trump supports the legislation.
Noting that President Barack Obama still holds office and sees the Dodd-Frank Act as a pivotal achievement of his administration, “I’m not going to be delusional to think that the Financial CHOICE Act will be signed into law” in this Congress, Hensarling said during a question-and-answer session at the Securities Industry and Financial Markets Association’s annual capital markets conference in Washington.
During the contentious markup of the bill, Hensarling repeatedly stated his CHOICE Act offers a “better way” to economic growth and protecting investors than Dodd-Frank.
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The Act would block the Labor Department from implementing its new fiduciary rule by incorporating into the bill Rep. Ann Wagner’s, R-Missouri, Retail Investor Protection Act, H.R. 1090, which passed the House last year and requires the Securities and Exchange Commission to move first on a fiduciary rulemaking before DOL can implement its fiduciary rule.
Hensarling told reporters after the Q&A at the SIFMA event that the Retail Investor Protection Act was inserted into the CHOICE act as a consumer protection measure. “We don’t want consumers to lose their decision to choose the financial advisor of their own choosing.”