Tipton votes to support CHOICE Act

On Thursday, the House of Representatives approved the Financial Choice Act, rolling back numerous banking crisis era regulations created to reign in the industry.

New proposed legislation, introduced by Representative Jeb Hensarling (R-TX), is making headlines because it effectively rolls back the regulatory reforms included in the landmark 2010 Dodd-Frank Act. But in the push to overhaul Dodd-Frank, Republicans contend the biggest banks have only gotten bigger while local banks and credit unions are dwindling. "There is zero chance that the Choice Act survives" in its current form in the Senate, said Matthew Dyckman, a lawyer in the financial services practice at Goodwin.

Note also that the bill would have repealed the so-called Durbin Amendment to the Dodd-Frank Act, but this provision was removed from the final version.

Opponents of the act say the reform would be disastrous for working Americans.

Democratic lawmakers are overwhelmingly opposed to the bill, which also faces major obstacles in the Senate.

With the former Federal Bureau of Investigation director openly calling the president a lawless liar, it would be easy for liberals to forget to save some contempt for the rest of the Republican Party. "It may or may not pass [the House], but I'm sure that it will not pass the United States Senate", Minority Whip Steny Hoyer told reporters Thursday afternoon before the vote.

The almost 600-page Choice Act would repeal Dodd-Frank's Volcker Rule, which blocks government-insured banks from making risky bets with investments.

However, other Dodd-Frank proponents didn't take the same "glass is half full" approach, especially with the fiduciary rule.

All Ohio Republicans voted for the bill. The Dodd-Frank provision championed by former Federal Reserve Chairman Paul Volcker is meant to keep banks from taking gambles that could lead to a government bailout.

The Congressional Budget Office, a non-partisan evaluator of legislation, estimates the bill would save the federal government $24 billion over a decade, mostly due to the lifting of the government's authority to step in and unwind failing institutions. Speaker Paul RyanPaul RyanEx-GOP rep: Ryan's impeachment claim about Trump "isn't true" Tom Brokaw: "Trump ran as a big time exec, not as an apprentice" Trump praises House vote to dismantle Dodd-Frank MORE (R-Wis.) and GOP leaders touted the bill before Thursday's vote. "The American people deserve a prosperous economy that provides them, not Wall Street, with the opportunity to thrive". Potential areas for compromise include changes to how much capital banks must maintain and decreasing the paperwork burden for small lenders. The Senate is less motivated to pass a repeal of the financial oversight legislation.

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