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Financial CHOICE Act of 2016

Introduced: September 9, 2016 See on congress.gov
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 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
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.
Sep 9, 2016
Introduced in House
 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.
What's happening now December 20, 2016

Placed on the Union Calendar, Calendar No. 693.

 Committees of jurisdiction 12
 Cosponsors 1
All 1 Republican 1