HR-5983 : Still Just a Bill

Financial CHOICE Act of 2016

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:

  • repeal the "Volcker Rule" (which restricts banks from making certain speculative investments);
  • with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and
  • repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing).

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 Designations made previously are retroactively repealed.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:

  • restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission;
  • subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and
  • limit the commission's authority to take action against entities for "abusive" practices.

In addition, the bill:

  • modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority;
  • eliminates the Office of Financial Research within the Department of the Treasury; and
  • revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

Action Timeline

Action DateTypeTextSource
2016-12-20CalendarsPlaced on the Union Calendar, Calendar No. 693.House floor actions
2016-12-20DischargeCommittee on Education and the Workforce discharged.House floor actions
2016-12-20DischargeCommittee on the Budget discharged.House floor actions
2016-12-20DischargeCommittee on Rules discharged.House floor actions
2016-12-20DischargeCommittee on Transportation discharged.House floor actions
2016-12-20DischargeCommittee on Oversight and Government discharged.House floor actions
2016-12-20DischargeCommittee on the Judiciary discharged.House floor actions
2016-12-20DischargeCommittee on Ways and Means discharged.House floor actions
2016-12-20DischargeCommittee on Agriculture discharged.House floor actions
2016-12-20CommitteeReported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.House floor actions
2016-09-23CommitteeReferred to the Subcommittee on Commodity Exchanges, Energy, and Credit.House committee actions
2016-09-15CommitteeReferred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.House committee actions
2016-09-13CommitteeOrdered to be Reported (Amended) by the Yeas and Nays: 30 - 26.House committee actions
2016-09-13CommitteeCommittee Consideration and Mark-up Session Held.House committee actions
2016-09-12CommitteeReferred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.House committee actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralReferred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.House floor actions
2016-09-09IntroReferralIntroduced in HouseLibrary of Congress

Sponsor :

Rep. Hensarling, Jeb [R-TX-5]
See Cosponsors

Policy Area :

Finance and Financial Sector
See Subjects
  • Administrative law and regulatory procedures
  • Administrative remedies
  • Advanced technology and technological innovations
  • Advisory bodies
  • Aging
  • Appropriations
  • Asia
  • Bank accounts, deposits, capital
  • Banking and financial institutions regulation
  • Bankruptcy
  • Business ethics
  • Business investment and capital
  • Business records
  • Civil actions and liability
  • Competition and antitrust
  • Competitiveness, trade promotion, trade deficits
  • Congressional oversight
  • Consumer Financial Protection Bureau
  • Consumer affairs
  • Consumer credit
  • Corporate finance and management
  • Department of the Treasury
  • Economic performance and conditions
  • Employment discrimination and employee rights
  • Evidence and witnesses
  • Executive agency funding and structure
  • Federal Deposit Insurance Corporation (FDIC)
  • Federal Reserve System
  • Federal appellate courts
  • Federal officials
  • Financial services and investments
  • Fraud offenses and financial crimes
  • Government information and archives
  • Government studies and investigations
  • Industrial policy and productivity
  • Inflation and prices
  • Iran
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  • Legislative rules and procedure
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  • Middle East
  • Minority and disadvantaged businesses
  • Monetary policy
  • National Credit Union Administration
  • North Korea
  • Securities
  • Securities and Exchange Commission (SEC)
  • Small business
  • Syria
  • Terrorism
  • Unemployment
  • User charges and fees
  • Women in business

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