This April hearing on the newly-released update of the
Financial Choice Act has sparked partisan debate about both the
value of the act and also the underlying causes behind the
The House Committee on Financial Services held a hearing on
April 26 regarding the newly released update of the
legislation, which has been dubbed Financial Choice 2.0.
The bill is largely supported by Republicans and
uniformly opposed by Democrats. "One side thinks it is a great
thing and that the reform is needed to replace Dodd-Frank,"
said David Tittsworth of
Ropes & Gray. "The other side takes the view that the
bill has forgotten what happened in 2008 and that it is going
to disband some very important protections".
Massachusetts Commonwealth secretary William Galvin opposes
the legislation. In an open letter to Hensarling on April 25,
he suggested that the act is intended as a gift...