On June 8, 2017, the U.S. House of Representatives passed the Financial CHOICE Act, a bill designed to replace many of the financial regulations imposed by Dodd-Frank. Among other things, the Financial CHOICE Act would eliminate the Volcker Rule, ease regulations of community banks and credit unions, and the Department of Labor’s fiduciary rule. The bill would also eliminate the FDIC’s Orderly Liquidation Fund, which allows that agency to unwind giant banks.
The bill faces a tough road ahead in the U.S. Senate and would require Democrat support to overcome a filibuster.
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