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Financial Planning > Behavioral Finance

House Dems to Hold Hearing on Financial Choice Act

By Melanie Waddell

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House Financial Services Committee Democrats will hold an additional hearing Friday on Rep. Jeb Hensarling’s Financial Choice Act.

Democratic members of the committee lambasted the bill and implored Hensarling during a Wednesday hearing to assure them that there would be more than one hearing to discuss the legislation before it is marked up on May 2.

All Democratic members of the committee sent a letter to Hensarling the same day requesting an “additional” hearing on the legislation.  

The hearing on H.R. 10, which Democratic members of the committee call the Wrong Choice Act, is a “minority hearing” and the first hearing before the Financial Services Committee under the 115th Congress where Democrats can select the panel of witnesses. Sen. Elizabeth Warren, D-Mass., will be among the witnesses.

The hearing is “the last scheduled hearing to review” the Choice Act, the Democratic lawmakers said.

“This hearing is historic in that the parliamentary maneuver Democrats successfully used to convene this hearing has not succeeded in the Committee in 20 years,” Rep. Maxine Waters, D-Calif., said in a Thursday statement announcing the hearing.

The hearing will feature witnesses “who will inform the public on the ways the Wrong Choice Act would harm consumers, investors and the economy, and the ways the Dodd-Frank Wall Street Reform and Consumer Protection Act has improved accountability in the financial system and protected Americans from risky and predatory Wall Street practices,” Waters said.

The hearing “will once again make the case that the Wrong Choice Act would remove critical safeguards in Dodd-Frank, bringing us back to the darkest days of the financial crisis,” she added. 

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