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May 22, 2017 • Issue 17:05:02

CFPB, Durbin Amendment

in the crosshairs

architect of the legislation. "It's called the Financial CHOICE
Act because it stands for Creating Hope and Opportunity
for Investors, Consumers and Entrepreneurs."

The legislation still must be voted on by the full House,
similar legislation must pass muster in the Senate, and
the two chambers will need to iron out any differences
between their respective bills before final legislation gets
sent to the White House for the President's signature. That
will take time and plenty of heated exchanges. Democrats
in both the House and Senate are vocal in their opposition,
insisting Dodd-Frank works. And while the Democrats
don't have enough votes in the Senate to shoot down a
repeal bill, they could filibuster efforts to vote.

"The Wrong CHOICE Act is a deeply misguided measure
By Patti Murphy that will bring harm to consumers, investors and our whole
economy," said Rep. Maxine Waters, D-Calif., ranking
attle lines are being drawn in Washington as member of the House Financial Services Committee.
President Trump and Republican lawmakers
try to make good on campaign promises to roll Sen. Elizabeth Warren, D-Mass., added, "This bill doesn't
B back regulations, including those spawned by solve a single real problem. It's not a wrong choice, it's an
the Dodd-Frank Act. immoral choice."

Enacted at the height of the Great Recession, the 2010 Warren wants Congress to erect new regulatory barriers
Dodd-Frank Wall Street Reform and Consumer Protection between traditional financial institutions (banks and
Act was the most comprehensive financial legislation credit unions offering checking accounts and loans)
to come out of Washington in generations. It shook up and institutions specializing in riskier activities, like
the regulatory structure, creating new agencies like the investments. The Glass-Steagall Act of 1933 barred
Consumer Financial Protection Bureau, imposed new
bank capital requirements, initiated new procedures for
dealing with failing financial institutions, and even took a
stab at regulating debit card interchange.
Contributed articles inside by:
Seven years later, Republicans, who were largely opposed
to Dodd-Frank, are pushing for repeal. They took a first Brandes Elitch ........................................................................................23
step in that direction in early May 2017 with passage of the Aaron Nasseh .........................................................................................32
Financial CHOICE Act (H.R. 10) by the House Financial Kevin Mendizabal .................................................................................34
Services Committee. "Dodd-Frank failed, but we have a
better way," said Rep. Jeb Hansarling, R-Texas, Chairman
of the House Financial Services Committee and chief TOC on page 3

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