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House Committee Approves Bill to Kill Dodd-Frank and Fiduciary Rule

September 14, 2016

House Committee Approves Bill to Kill Dodd-Frank and Fiduciary Rule

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9/14/16 | by DI Wire

The House Financial Services Committee passed H.R. 5983, the Financial CHOICE Act, on Tuesday in a 30-26 vote mostly along party lines. No Democrats voted for the bill, while one Republican, Rep. Bruce Poliquin (R- ME), voted against it. As reported by The DI Wireyesterday, the legislation includes a provision to repeal the Department of Labor’s fiduciary rule which redefines the fiduciary standard as it pertains to retirement investment advice.

The Republicans alternative to Dodd-Frank, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs, was sponsored by Committee chairman Jeb Hensarling (R-TX). The legislation purportedly seeks to end bailouts for big banks, toughen penalties for wrongdoing on Wall Street, promote economic growth, provide regulatory relief for small community banks and credit unions, while demanding greater accountability from Washington regulators.

“Democrats just voted against a bill that increases penalties against those who commit financial fraud. They just voted against a bill that ends taxpayer-funded bailouts, and they just voted against legislation that provides relief from Washington’s crushing regulatory burden for small banks, credit unions and consumers,” said Hensarling.

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