The bill would also eliminate the ability of a group of regulators known as the Financial Stability Oversight Council to designate
large nonbanking financial institutions as “systemically important,” a label that comes with heightened oversight and new rules.
How House Bill Would Dismantle an Array of Dodd-Frank Reforms -
By VICTORIA FINKLEJUNE 8, 2017
WASHINGTON — The House of Representatives is preparing to vote on Thursday on
a bill intended to make sweeping changes to the financial regulatory system.
Here are some of the most significant changes in the nearly 600-page Financial Choice Act:
The Consumer Financial Protection Bureau, a core creation of Dodd-Frank, would be significantly overhauled by the bill.
If enacted, the Financial Choice Act will roll back major portions of the Dodd-Frank Act of 2010
and change significant aspects of the bank oversight process.
The legislation would remove Dodd-Frank’s so-called orderly liquidation authority, which provides
regulators with a process for winding down large financial institutions in distress.
The biggest banks have said that maintaining the ratio would be too costly, though some smaller
institutions, including community banks, could gain significant relief from the proposal.