House Committee approves Mortgage Choice Act

The House Financial Services Committee on Thursday passed the Financial CHOICE Act, a sweeping piece of GOP-backed legislation that would, if approved, gut major portions of the Dodd-Frank Act and significantly limit the power of the Consumer Financial Protection Bureau (CFPB). As was expected, the measure passed in a party-line vote, 34 to 26.

Before the House voted on the four-week budget extension Thursday, Rep. Phil Roe, R-Tenn., chairman of the Committee on Veterans. second instance this year that Congress approved emergency funding.

House Speaker approves of the Financial CHOICE Act. The bill aims to deter the Dodd-Frank Act, provide Main Street relief, end taxpayer bailouts, rein in unchecked Washington bureaucrats, and cut the deficit by $24 billion. This is accordingto Representative Paul Ryan. This legislation received praises from Speaker of the house representative paul Ryan.

House Committee approves Mortgage Choice Act. Ben Lane is the Editor for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.S. housing economy and helps guide HousingWire’s overall direction. Previously, he worked for TownSquareBuzz, a hyper-local news service.

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The US House Committee on Financial Services’ has voted in favor of the Financial CHOICE Act by 30 votes to 26. The legislation would replace the Dodd-Frank Act and is an attempt to reduce regulatory oversight of the private equity industry.

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Procedural history. The Mortgage Choice Act of 2013 was introduced into the United States House of Representatives on September 28, 2013 by Rep. Bill Huizenga (R, MI-2). It was referred to the United States House Committee on Financial Services. The House voted on June 9, 2014 to pass the bill in a voice vote.

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The Financial CHOICE Act Is Approved by US House Financial Services Committee.. natural gas or minerals under Section 1504 of the Dodd-Frank Act. The FCA will now move to the other House.

UPDATE June 8: The House of Representative approved the Financial CHOICE Act, with a vote largely on party lines of 233 to 186. While the Senate Banking Committee is and has been considering financial reform proposals, it is unlikely that the Financial CHOICE Act as passed by the House will progress in the Senate. UPDATE June 7:

Financial CHOICE Act of 2017. (Sec. 737) The bill repeals the authority of the agency (as converted from the CFPB by this subtitle of the bill) to, for reasons of consumer protection and the public interest, restrict the use of an agreement for mandatory pre-dispute arbitration.