Committee vote expected today on CHOICE Act
The House Financial Services Committee is expected to vote on the Financial CHOICE Act (H.R. 10) today after it concludes its third day of mark-up. Thus far, no democratic amendments have been adopted to the bill, which is expected to pass the committee along party lines.
A manager’s amendment offered by committee Chairman Jeb Hensarling, R-Texas, which retained the NAFCU-backed provision for repeal of the Durbin interchange amendment, is expected to be adopted before final passage.
NAFCU will keep members apprised of today’s vote on the bill. If the bill passes, it will be sent to the full House and await action there.
Throughout discussions of the bill yesterday, Democratic members of the committee raised numerous amendments aimed at stripping out various provisions of the bill, though none were approved.
In addition to Durbin amendment repeal, the CHOICE Act contains numerous other NAFCU-sought measures, including one requiring regulatory agencies to improve their cost-benefit analyses and better tailor regulations to the size of regulated institutions. It would also, as urged by NAFCU, preserve the NCUA Board’s current three-member structure and mandate agency budget transparency.
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