Financial Choice Act: Bill Revamping Dodd-Frank Expected to Advance

Financial Choice Act voted on this week…

Regardless of Rep. Maxine Waters’ (D-CA 43rd district) disdain, legislation that would exempt small companies selling manufactured homes from certain regulations is making noteworthy progress before a U.S. congressional banking panel.

The Financial CHOICE Act, a bill that would overhaul how the government regulates the financial sector, would also repeal large parts of the 2010 Dodd-Frank financial reform law.

According to online reports, after holding a hearing last Wednesday, the House Financial Services Committee is expected to vote on the legislation sometime this week. Unlikely to cultivate support among many congressional Democrats, Rep. Waters declared the legislation “dead on arrival.”

Financial Choice Act

If passed, the Financial Choice Act would repeal significant portions of Dodd-Frank. Imposing new limits on the Consumer Financial Protection Bureau (CFPB), H.R. 10 would restrict the CFPB’s regulatory and enforcement powers while handing Congress the power to establish its annual budget.

With eight Democrats needed to sign on for the bill to pass the U.S. Senate, Democratic Rep. Brad Sherman from California believes there are several provisions within the Financial Choice Act that enjoyed strong bipartisan support. Chief among the acceptable provision – Preserving Access to Manufactured Housing.

Meant to ease mortgage regulations and encourage greater accessibility to home loans, the Financial Choice Act of 2017 would also exempt retailers that sell manufactured housing from currently restrictive regulations.

Congressional Democrats announced their plan to hold their own hearing to critique H.R. 10, before the committee’s expected vote on May 2.

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