House Republicans will “soon put forth” the Financial Choice Act, legislation designed to repeal and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act, House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, said Wednesday.
Speaking at the U.S. Hispanic Chamber of Commerce’s legislative summit in Washington, Hensarling said that the Choice Act will achieve the goal of taking “Dodd-Frank and throw[ing] it on the ash heap of history.”
Hensarling told reporters that reintroduction of his Choice Act would come within weeks.
Release of a Feb. 6 memo that detailed “changes to be made to the introduced version of the Financial Choice Act in the 115th Congress” got the rumor mill churning that reintroduction of the bill to derail the Dodd-Frank Act was imminent, but reintroduction kept getting pushed back.
In detailing some of the Choice Act’s provisions, Hensarling told USHCC members that ensuring capital was available to all businesses, big and small, was a priority. Also, he said, “importantly, [the bill will] have a full capital formation title; we plan to make sure credit unions and community banks flourish” by providing regulatory relief for them.
“We will ensure bank bailouts for none” under the act, he added.