An amended version of the Financial CHOICE Act is expected to be introduced in the House of Representatives, according to a Feb. 6 memo authored by Jeb Hensarling (R-TX), Chairman of the Financial Services Committee.
Hensarling’s memo outlines proposed changes to the Financial CHOICE Act (H.R. 5983), which was introduced in the House last year. Executive compensation experts are keeping a close eye on Financial CHOICE Act developments because the bill proposes to repeal and amend in part executive compensation and corporate governance provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The memo refers to the amended version of the Financial Choice Act as “CHOICE Act 2.0.”
Executive Compensation Provisions Under Dodd-Frank
There is no indication in Hensarling’s memo that additional changes have been proposed in CHOICE Act 2.0 regarding executive compensation provisions under Dodd-Frank. In short, the CHOICE Act 2.0 is expected to repeal and amend the executive compensation provisions of Dodd-Frank as follows:
Regulatory Uncertainty Continues
This year has kicked off with a flurry of activities that potentially could impact the regulation of executive compensation. The Financial CHOICE Act, if enacted, will impact the SEC’s final and proposed rules to implement the executive compensation provisions of Dodd-Frank.
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