Dodd-Frank Overhaul Poised for House Floor Week of June 5

By Rob Tricchinelli

A far-reaching bill that would overhaul the 2010 Dodd-Frank Act is set for the House floor the week of June 5, according to a notice posted on the chamber’s website.

The bill is sponsored by Rep. Jeb Hensarling (R-Texas), who chairs the House Financial Services Committee. That panel approved the bill May 4 along party lines.

H.R. 10, known as the Financial Choice Act, would offer financial institutions an “off-ramp” from regulations if they maintain a 10 percent capital ratio. The legislation would also affect how regulators deal with systemic risk, revamp the Consumer Financial Protection Bureau, and ease restrictions on startups’ ability to raise money.

For the floor vote, the bill won’t include a provision in the original bill that would have repealed limitations on debit-card transaction fees. That language divided the Republican caucus and was the subject of a fierce lobbying battle, with banking groups favoring repeal and retail and restaurant groups pushing to keep the law as is.

To contact the reporter on this story: Rob Tricchinelli in Washington at rtricchinelli@bna.com

To contact the editor responsible for this story: Phyllis Diamond at pdiamond@bna.com

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