Dodd-Frank Replacement Bill Set for May 2 Markup

By Rob Tricchinelli

The House Financial Services Committee will mark up its wide-ranging Dodd-Frank Act replacement legislation May 2, according to a House aide.

The bill, known as the Financial Choice Act, offers regulatory relief for banks that bolster their capital levels. It also would pare back many aspects of Dodd-Frank, such as the Volcker Rule, which bars proprietary trading by banks, and the Durbin amendment, which caps fees on debit-card transactions.

House Republican lawmakers, led by Rep. Jeb Hensarling (R-Texas), want to move quickly on the bill, although it would face stiff resistance from Senate Democrats in its current form.

The May 2 vote on the legislation would follow a hearing scheduled for April 26, and a floor vote could take place within weeks.

Witnesses scheduled to testify April 26 include Hester Peirce, a Mercatus Center fellow who was nominated to a Republican seat on the Securities and Exchange Commission in late 2015 but never confirmed, and Michael Barr, a University of Michigan Law School professor who helped craft Dodd-Frank when he worked at the Treasury Department.

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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