Financial CHOICE Act of 2016

Bill: 114-hr-5983
Sponsor: Rep. Hensarling, Jeb [R-TX-5]
Introduced: 2016-09-09 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Administrative remedies
Advanced technology and technological innovations
Advisory bodies
Aging
Appropriations
Asia
Bank accounts, deposits, capital
Banking and financial institutions regulation
Bankruptcy
Business ethics
Business investment and capital
Business records
Civil actions and liability
Competition and antitrust
Competitiveness, trade promotion, trade deficits
Congressional oversight
Consumer Financial Protection Bureau
Consumer affairs
Consumer credit
Corporate finance and management
Department of the Treasury
Economic performance and conditions
Employment discrimination and employee rights
Evidence and witnesses
Executive agency funding and structure
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Federal appellate courts
Federal officials
Financial services and investments
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Industrial policy and productivity
Inflation and prices
Iran
Judges
Judicial procedure and administration
Judicial review and appeals
Legislative rules and procedure
Licensing and registrations
Middle East
Minority and disadvantaged businesses
Monetary policy
National Credit Union Administration
North Korea
Securities
Securities and Exchange Commission (SEC)
Small business
Syria
Terrorism
Unemployment
User charges and fees
Women in business

Summary:
action_date: 2016-09-09
text: 

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.


action_date: 2016-12-20
text: 

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.



Legislative actions:
action_date: 2016-12-20
text: Placed on the Union Calendar, Calendar No. 693.
action_date: 2016-12-20
text: Committee on Education and the Workforce discharged.
action_date: 2016-12-20
text: Committee on Education and the Workforce discharged.
action_date: 2016-12-20
text: Committee on the Budget discharged.
action_date: 2016-12-20
text: Committee on the Budget discharged.
action_date: 2016-12-20
text: Committee on Rules discharged.
action_date: 2016-12-20
text: Committee on Rules discharged.
action_date: 2016-12-20
text: Committee on Transportation discharged.
action_date: 2016-12-20
text: Committee on Transportation discharged.
action_date: 2016-12-20
text: Committee on Oversight and Government discharged.
action_date: 2016-12-20
text: Committee on Oversight and Government discharged.
action_date: 2016-12-20
text: Committee on the Judiciary discharged.
action_date: 2016-12-20
text: Committee on the Judiciary discharged.
action_date: 2016-12-20
text: Committee on Ways and Means discharged.
action_date: 2016-12-20
text: Committee on Ways and Means discharged.
action_date: 2016-12-20
text: Committee on Agriculture discharged.
action_date: 2016-12-20
text: Committee on Agriculture discharged.
action_date: 2016-12-20
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
action_date: 2016-12-20
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
action_date: 2016-09-23
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
action_date: 2016-09-15
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
action_date: 2016-09-13
text: Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 26.
action_date: 2016-09-13
text: Committee Consideration and Mark-up Session Held.
action_date: 2016-09-12
text: Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: 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.
action_date: 2016-09-09
text: Introduced in House
action_date: 2016-09-09
text: Introduced in House