Debate rages over Choice Act 2.0

Author: John Crabb | Published: 28 Apr 2017

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 financial crisis.

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...