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Wednesday, September 14, 2016

Hensarling’s Choice Act Clears Committee with Durbin Repeal Intact

The House Financial Services Committee has approved the Financial Choice Act, a major regulatory reform bill introduced by committee chairman Jeb Hensarling (R-Texas). It passed by a vote of 30 to 26, with no Democrats voting in favor and one Republican, Bruce Poliquin of Maine, voting against as well.

ABA EVP James Ballentine thanked Hensarling for introducing the bill. He said:
It is clear that regulatory reforms are needed to stop banks from continuing to disappear – including 1,708 institutions since the passage of Dodd-Frank – and allow them to continue to serve their customers and communities. We applaud the chairman for including several important measures in his Financial Choice Act, including a repeal of the Durbin Amendment, an ill-conceived government price control that has reduced access to low-cost bank accounts; the TAILOR Act, which requires that regulations be tailored to fit an institution’s business model and risk profile; and other provisions that would eliminate unnecessary compliance problems and costs.

With limited time remaining before the November elections, the Financial Choice Act is not expected to be passed by Congress this year. However, it may serve as a template for regulatory relief legislation in the new Congress.

Read Ballentine’s statement.

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