To create hope and opportunity for consumers, investors, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.
Financial CHOICE Act of 2016
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:
Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.
The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.
The bill also amends the Consumer Financial Protection Act of 2010 to:
In addition, the bill:
Referred to the House Committee on Financial Services.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6238; text of measure as introduced: CR S6238)
Placed on the Union Calendar, Calendar No. 536.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 307.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
Committee on Agriculture discharged.
Committee on Agriculture discharged.
Committee on Ways and Means discharged.
Committee on Ways and Means discharged.
Committee on the Judiciary discharged.
Committee on the Judiciary discharged.
Committee on Oversight and Government discharged.
Committee on Oversight and Government discharged.
Committee on Transportation discharged.
Committee on Transportation discharged.
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on the Union Calendar, Calendar No. 303.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Referred to the House Committee on Financial Services.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on the Union Calendar, Calendar No. 682.
Placed on the Union Calendar, Calendar No. 38.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Referred to the House Committee on Financial Services.
Placed on the Union Calendar, Calendar No. 684.
Placed on the Union Calendar, Calendar No. 302.
Placed on the Union Calendar, Calendar No. 385.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Placed on the Union Calendar, Calendar No. 678.
Committee on Rules discharged.
Committee on Rules discharged.
Committee on the Budget discharged.
Committee on the Budget discharged.
Committee on Education and the Workforce discharged.
Committee on Education and the Workforce discharged.
Placed on the Union Calendar, Calendar No. 693.