The bill would also eliminate the ability of a group of regulators known as the Financial Stability Oversight Council to designate<br />large nonbanking financial institutions as “systemically important,” a label that comes with heightened oversight and new rules.<br />How House Bill Would Dismantle an Array of Dodd-Frank Reforms -<br />By VICTORIA FINKLEJUNE 8, 2017<br />WASHINGTON — The House of Representatives is preparing to vote on Thursday on<br />a bill intended to make sweeping changes to the financial regulatory system.<br />Here are some of the most significant changes in the nearly 600-page Financial Choice Act:<br />The Consumer Financial Protection Bureau, a core creation of Dodd-Frank, would be significantly overhauled by the bill.<br />If enacted, the Financial Choice Act will roll back major portions of the Dodd-Frank Act of 2010<br />and change significant aspects of the bank oversight process.<br />The legislation would remove Dodd-Frank’s so-called orderly liquidation authority, which provides<br />regulators with a process for winding down large financial institutions in distress.<br />The biggest banks have said that maintaining the ratio would be too costly, though some smaller<br />institutions, including community banks, could gain significant relief from the proposal.
