Wednesday, 08 July, 2020

House GOP backs bill to undo much of Dodd-Frank

Christy Curtis | 10 June, 2017, 05:00

"We applaud the House of Representatives for passing the Financial CHOICE Act, and we appreciate Chairman Hensarling's leadership on this issue", said Jim Nussle, CUNA president/CEO. But in the push to overhaul Dodd-Frank, Republicans said the biggest banks have only gotten bigger while local banks and credit unions are dwindling.

The CHOICE Act is the most ambitious Republican effort to roll back parts of the law fiercely defended by Democrats under former President Barack ObamaBarack ObamaTrump, Meryl Streep share screen time in HBO film Former attorney general: Lynch made Justice Department "an arm of the Clinton campaign" Trump reopens hundreds of immigration cases: report MORE.

Dodd-Frank was passed in 2010.

While the act was meant to address bankers' concerns, many in the banking sector do not support it because they consider the required capital level too high.

If approved by the Senate - which some Democratic House members said was far from likely - and signed into law by President Trump, the legislation would, among other things, alter the process by which stockholders introduce shareholder resolutions. Instead, making small tweaks to Dodd-Frank, such as providing relief for community banks, is more probable.

Democrats strongly oppose the bill, dubbing it "the wrong choice act".

Russian Federation denies reports of hacking Qatar's state news agency
Qatar has strongly denied supporting terrorism and has condemned the move, largely spearheaded by Saudi Arabia, to isolate it. The FBI and British authorities are now investigating the alleged hack and results could come as soon as this week.

Republicans argue that rules created to prevent another meltdown were making it harder for community banks to operate and hampering the economy. According to a 2017 report from S&P Global, the seven largest USA banks would have to collectively raise hundreds of billions of dollars in new equity to meet the new capital requirement and receive regulatory relief. "It will rein in the overreach of Dodd-Frank that has allowed the big banks to get bigger while small businesses have been unable to get the loans they need to succeed", said Speaker Paul Ryan in a statement supporting the measure.

Congressman Steve Knight (R-Palmdale) was one of the 233 Republicans to vote in favor of the bill, with all but Rep. Walter Jones (R-North Carolina) voting with the party.

Democrats say the bill would remove some of the most vital protections that were included in the Dodd-Frank Act to prevent something like the financial crisis from happening again. Congress would also have final say over the agency's budget, which could be bad news for the CFPB under a Republican-controlled government that has been critical of its very existence.

The bill passed Thursday would eliminate the CFPB's supervisory and rule-writing roles, effectively reducing it to an enforcement agency.

The bill will pass, probably with just Republican votes. Hensarling, a Texas Republican, said another option is breaking his legislation up and trying to pass specific provisions independently.

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