The bill coming up for a vote, the Financial Choice Act, has maintained a low profile compared with Republican plans on health care and taxes, but it represents a major part of an agenda the Republicans say will unshackle the economy and accelerate economic growth.
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The bill is expected to pass the House with only Republican support. It faces long odds of becoming law, however, because it would require the support of Democrats in the Senate to reach President Trump’s desk.
Still, parts of the bill could eventually be enacted as lawmakers continue their efforts to chip away at regulations they say are stifling the economy.
The Choice Act would exempt some financial institutions that meet capital and liquidity requirements from many of Dodd-Frank’s restrictions that limit risk taking. It would also replace Dodd-Frank’s method of dealing with large and failing financial institutions, known as the orderly liquidation authority — which critics say reinforces the idea that some banks are too big to fail — with a new bankruptcy code provision.
In addition, the legislation would weaken the powers of the Consumer Financial Protection Bureau. Under the proposed law, the president could fire the agency’s director at will.