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H.R. 5983 114th Congress House

Financial CHOICE Act of 2016

Official title: To create hope and opportunity for consumers, investors, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountab… Show full official titleShow less

Official title: To create hope and opportunity for consumers, investors, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.

Introduced: September 9, 2016 See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresAdministrative remediesAdvanced technology and technological innovationsAdvisory bodies
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AgingAppropriationsAsiaBank accounts, deposits, capitalBanking and financial institutions regulationBankruptcyBusiness ethicsBusiness investment and capitalBusiness recordsCivil actions and liabilityCompetition and antitrustCompetitiveness, trade promotion, trade deficitsCongressional oversightConsumer Financial Protection BureauConsumer affairsConsumer creditCorporate finance and managementDepartment of the TreasuryEconomic performance and conditionsEmployment discrimination and employee rightsEvidence and witnessesExecutive agency funding and structureFederal Deposit Insurance Corporation (FDIC)Federal Reserve SystemFederal appellate courtsFederal officialsFinancial services and investmentsFraud offenses and financial crimesGovernment information and archivesGovernment studies and investigationsIndustrial policy and productivityInflation and pricesIranJudgesJudicial procedure and administrationJudicial review and appealsLegislative rules and procedureLicensing and registrationsMiddle EastMinority and disadvantaged businessesMonetary policyNational Credit Union AdministrationNorth KoreaSecuritiesSecurities and Exchange Commission (SEC)Small businessSyriaTerrorismUnemploymentUser charges and feesWomen in business
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 17 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 20, 2016
Placed on the Union Calendar, Calendar No. 693.
Dec 20, 2016
Committee on Education and the Workforce discharged.
Dec 20, 2016
Committee on the Budget discharged.
Dec 20, 2016
Committee on Rules discharged.
Dec 20, 2016
Committee on Transportation discharged.
Dec 20, 2016
Committee on Oversight and Government discharged.
Dec 20, 2016
Committee on the Judiciary discharged.
Dec 20, 2016
Committee on Ways and Means discharged.
Dec 20, 2016
Committee on Agriculture discharged.
Dec 20, 2016
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
Sep 23, 2016
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Sep 15, 2016
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Sep 13, 2016
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 26.
Sep 13, 2016
Committee Consideration and Mark-up Session Held.
Sep 12, 2016
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Sep 9, 2016
Introduced in House
Sep 9, 2016
Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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 Latest action December 20, 2016

Placed on the Union Calendar, Calendar No. 693.

 Plain-English summary Congressional Research Service

Financial CHOICE Act of 2016

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:

  • repeal the "Volcker Rule" (which restricts banks from making certain speculative investments);
  • with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and
  • repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing).

Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.

The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed. 

The bill also amends the Consumer Financial Protection Act of 2010 to:

  • restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission;
  • subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and
  • limit the commission's authority to take action against entities for "abusive" practices.

In addition, the bill:

  • modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority;
  • eliminates the Office of Financial Research within the Department of the Treasury; and
  • revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.
 Related & companion bills 76
  • HR 5991 Risk-Based Credit Examination Act
  • S 3453 Crowdfunding Enhancement Act
  • HR 24 Federal Reserve Transparency Act of 2015
  • HR 427 Regulations from the Executive in Need of Scrutiny Act of 2015
  • HR 650 Preserving Access to Manufactured Housing Act of 2015
  • HR 686 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
  • HR 766 Financial Institution Customer Protection Act of 2016
  • HR 1090 Retail Investor Protection Act
  • HR 1113 Portfolio Lending and Mortgage Access Act
  • HR 1210 Portfolio Lending and Mortgage Access Act
Show all 76 related billsShow fewer related bills
  • HR 1266 Financial Product Safety Commission Act of 2015
  • HR 1529 Community Institution Mortgage Relief Act of 2015
  • HR 1675 Capital Markets Improvement Act of 2016
  • HR 1766 Right to Lend Act of 2015
  • HR 1941 Financial Institutions Examination Fairness and Reform Act
  • HR 1965 Small Company Disclosure Simplification Act
  • HR 1975 Securities and Exchange Commission Overpayment Credit Act
  • HR 2121 SAFE Transitional Licensing Act of 2015
  • HR 2187 Fair Investment Opportunities for Professional Experts Act
  • HR 2287 National Credit Union Administration Budget Transparency Act
  • HR 2356 Fair Access to Investment Research Act of 2015
  • HR 2357 Accelerating Access to Capital Act of 2016
  • HR 2778 Sunset Act of 2015
  • HR 2912 Centennial Monetary Commission Act of 2015
  • HR 2947 Financial Institution Bankruptcy Act of 2016
  • HR 3056 Stop the EPA Act of 2015
  • HR 3189 FORM Act of 2015
  • HR 3557 FSOC Transparency and Accountability Act
  • HR 3784 SEC Small Business Advocate Act of 2016
  • HR 3868 Small Business Credit Availability Act
  • HR 4139 Fostering Innovation Act of 2015
  • HR 4498 HALOS Act
  • HR 4538 Senior Safe Act of 2016
  • HR 4638 Main Street Growth Act
  • HR 4781 FDIC Accountability Act of 2016
  • HR 4850 Micro Offering Safe Harbor Act
  • HR 4852 Private Placement Improvement Act of 2016
  • HR 4854 Supporting America's Innovators Act of 2016
  • HR 4855 Fix Crowdfunding Act
  • HR 4997 Home Mortgage Disclosure Adjustment Act
  • HR 5019 Fair Access to Investment Research Act of 2016
  • HR 5211 CFPB Dual Mandate and Economic Analysis Act
  • HR 5311 Corporate Governance Reform and Transparency Act of 2016
  • HR 5419 Credit Union Examination Reform Act of 2016
  • HR 5453 Bureau Advisory Opinion Act of 2016
  • HR 5455 Protecting Consumer Financial Information Act
  • HR 5505 GSE Review and Reform Act of 2016
  • HR 5521 RIGHTS at the CFPB Act of 2016
  • HR 5522 To amend the Consumer Financial Protection Act of 2010 to require that civil investigative demands be appealed to court…
  • HR 5527 CFPB Rule Accountability Act of 2016
  • HR 5869 To amend the Federal Credit Union Act to require the National Credit Union Administration Board to provide a rationale …
  • HR 5941 Keep Taxpayer Dollars Safe from Terrorists Act of 2016
  • S 226 Regulations From the Executive in Need of Scrutiny Act of 2015
  • S 576 Encouraging Employee Ownership Act
  • S 682 Preserving Access to Manufactured Housing Act of 2015
  • S 924 National Credit Union Administration Budget Transparency Act
  • S 1010 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
  • S 1730 Stronger Enforcement of Civil Penalties Act of 2015
  • S 1786 Centennial Monetary Commission Act of 2015
  • S 1840 Taxpayer Protection and Responsible Resolution Act
  • S 1841 Taxpayer Protection and Responsible Resolution Act
  • S 2187 FDA Regulatory Efficiency Act
  • S 2663 Reforming CFPB Indirect Auto Financing Guidance Act
  • S 2722 Federal Savings Association Charter Flexibility Act of 2016
  • S 2790 Financial Institution Customer Protection Act of 2016
  • S 2867 SEC Small Business Advocate Act of 2016
  • S 2995 Portfolio Lending and Mortgage Access Act
  • S 3092 Fair Access to Investment Research Act of 2016
  • S 3196 Consumer Financial Protection Board Act of 2016
  • HR 1195 Bureau of Consumer Financial Protection Advisory Boards Act
  • HR 1262 Consumer Right to Financial Privacy Act of 2015
  • HR 1737 Reforming CFPB Indirect Auto Financing Guidance Act
  • HR 4168 Small Business Capital Formation Enhancement Act
  • HR 4894 To repeal title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
  • HR 5596 Municipal Advisor Choice Act
  • HR 6427 Creating Financial Prosperity for Businesses and Investors Act
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 12
 Cosponsors 2
All 2 Republican 1
Duffy, Sean
· Sep 9, 2016
 R
Huizenga, Bill
Michigan · Sep 9, 2016
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5983: Financial CHOICE Act of 2016. 114th Congress. Open America. https://openamerica.io/bill/114-HR-5983/
MLA
"H.R. 5983: Financial CHOICE Act of 2016." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-HR-5983/.
Bluebook (legal)
H.R. 5983, 114th Cong. (2026), https://openamerica.io/bill/114-HR-5983/.
Markdown link
[H.R. 5983: Financial CHOICE Act of 2016](https://openamerica.io/bill/114-HR-5983/)
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