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House Committee Sets Hearing Date for Dodd-Frank Replacement

House Financial Services Committee Chairman Jeb Hensarling (R-TX) announced that the committee will hold a hearing to discuss an updated version of the Financial CHOICE Act on Wednesday, April 26 at 10:00 a.m.

The original version of the bill, which stands for which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, was approved by the House Financial Services Committee in September 2016 in a 30-26 vote – mostly along party lines.

The more ambitious version 2.0 seeks to roll back certain Dodd-Frank banking and securities regulations and purports to hold Wall Street accountable for financial wrongdoing, end taxpayer-funded bailouts of large financial institutions, enact tougher penalties for those convicted of financial fraud and insider trading, and seeks to reduce the regulatory burden on well-capitalized community banks and credit unions.

“Republicans are eager to work with the President to end and replace the Dodd-Frank mistake with the Financial CHOICE Act because it holds Wall Street and Washington accountable, ends taxpayer-funded bank bailouts, and unleashes America’s economic potential,” said Chairman Hensarling.

The legislation also seeks to repeal the final DOL fiduciary rule and its related prohibited transaction exemptions. If the bill is approved, it would restrict the DOL from promulgating similar regulations until after the SEC issues its own fiduciary standards of conduct for broker-dealers and investment advisors.

The bill has not been formal introduced at this time, and a panel vote is not yet on the calendar.

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