On Thursday, June 8th, the House of Representatives passed the Financial Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs Act (the Financial CHOICE Act) along mostly partisan lines. This act would reverse or change many of the reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed into law in 2010 in response to the financial issues seen in the Great Recession.
The Financial CHOICE Act could have large, sweeping effects on the financial regulatory industry, including effects on financial document preparation and submission (by removing XBRL requirements, for example, or other disclosure requirements for banks and investment firms). The Financial CHOICE Act is geared toward removing some of the more burdensome restrictions imposed by Dodd-Frank in an attempt to allow smaller businesses the chance to grow. The Dodd-Frank Act has been widely criticized for the burden it has placed on businesses in meeting compliance requirements.
The final vote was 233 to 186. All House Democrats voted against the bill, in addition to one House Republican. It seems unlikely the Financial CHOICE Act will be passed by the Senate without significant changes. We will keep you apprised of information as it becomes available.
Sources
Voting Roll Call for the Financial CHOICE Act of 2017 (house.gov)
H.R.10 - Financial CHOICE Act of 2017 (congress.gov)
