Financial CHOICE Act of 2017

openUnited States· United States Congress· EN

Introduced

26 April 2017

Last action

13 July 2017 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.

Summary

Financial CHOICE Act of 2017 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to: repeal Volcker Rule restrictions on certain speculative investments by banks; with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and repeal Durbin Amendment limitations on fees that may be charged to retailers for debit card processing. Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements. The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.  The bill also amends the Consumer Financial Protection Act of 2010 to: convert the Consumer Financial Protection Bureau into a consumer law enforcement agency; subject the agency to the congressional appropriations process, expanded judicial review, and additional congressional oversight;  eliminate supervisory authority over financial institutions; and limit the agency's authority to take action against entities for abusive practices.  In addition, the bill: modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority; eliminates the Office of Financial Research within the Department of the Treasury; and revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

26 April 2017
Committee
Committee Hearings Held.
Source: Committee
26 April 2017
Introduced
Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: IntroReferral
26 April 2017
Introduced
Referred to the Committee on Financial Services, and in addition to the Committees on Agriculture, Ways and Means, the Judiciary, Oversight and Government Reform, Transportation and Infrastructure, Rules, the Budget, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: IntroReferral
26 April 2017
Introduced
Introduced in House
Source: IntroReferral
26 April 2017
Introduced
Introduced in House
Source: IntroReferral
27 April 2017
Referred
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Source: Committee
2 May 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
3 May 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
4 May 2017
Referred
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Source: Committee
4 May 2017
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 26.
Source: Committee
4 May 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
25 May 2017
Calendars
Placed on the Union Calendar, Calendar No. 100.
Source: Calendars
25 May 2017
Discharge
Committee on Agriculture discharged.
Source: Discharge
25 May 2017
Committee
Committee on Agriculture discharged.
Source: Committee
25 May 2017
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-153, Part I.
Source: Committee
25 May 2017
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-153, Part I.
Source: Committee
2 June 2017
Committee
Supplemental report filed by the Committee on Financial Services, H. Rept. 115-153, Part II.
Source: Committee
2 June 2017
Committee
Supplemental report filed by the Committee on Financial Services, H. Rept. 115-153, Part II.
Source: Committee
6 June 2017
Reported
Rules Committee Resolution H. Res. 375 Reported to House. Rule provides for consideration of H.R. 10 with 1 hour and 30 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.
Source: Floor
7 June 2017
Passed
Rule H. Res. 375 passed House.
Source: Floor
8 June 2017
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
8 June 2017
Vote
On passage Passed by the Yeas and Nays: 233 - 186 (Roll no. 299).
Source: Floor
8 June 2017
Vote
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 233 - 186 (Roll no. 299).
Source: Floor
8 June 2017
Passed
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H4731-4789)
Source: Floor
8 June 2017
Floor
The previous question was ordered pursuant to the rule. (consideration: CR H4801)
Source: Floor
8 June 2017
Floor
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 10.
Source: Floor
8 June 2017
Floor
Rule provides for consideration of H.R. 10 with 1 hour and 30 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order.
Source: Floor
8 June 2017
Floor
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 375 and Rule XVIII.
Source: Floor
8 June 2017
Floor
The Speaker designated the Honorable Steve Womack to act as Chairman of the Committee.
Source: Floor
8 June 2017
Floor
Considered under the provisions of rule H. Res. 375. (consideration: CR H4716-4802)
Source: Floor
12 June 2017
Introduced
Received in the Senate.
Source: IntroReferral
13 June 2017
Introduced
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
13 July 2017
Committee
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.
Source: Committee

Votes

8 June 2017 · passed · On Passage · Passed · Official source

Yes 233 · No 186 · Abstain — · Absent/not voting 11

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Referred in Senate · 13 June 2017 · Download file
Engrossed in House · 8 June 2017 · Download file
Reported in House · 25 May 2017 · Download file
Introduced in House · 26 April 2017 · Download file

Documents

10 official files

Referred in Senate (text)

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Referred in Senate (text)
Referred in Senate · EN · 13 June 2017
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Referred in Senate (PDF)
Referred in Senate · EN · 13 June 2017
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Engrossed in House (text)
Engrossed in House · EN · 8 June 2017
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Engrossed in House (PDF)
Engrossed in House · EN · 8 June 2017
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Passed House amended
summary · EN · 8 June 2017
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Reported in House (text)
Reported in House · EN · 25 May 2017
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Reported in House (PDF)
Reported in House · EN · 25 May 2017
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Introduced in House
summary · EN · 27 April 2017
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Introduced in House (text)
Introduced in House · EN · 26 April 2017
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Introduced in House (PDF)
Introduced in House · EN · 26 April 2017
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Related records

related to → HALOS Act
related to ← Federal Reserve Transparency Act of 2017
related to ← Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
related to ← A bill to clarify that nonprofit organizations such as Habitat for Humanity may accept donated mortgage appraisals, and for other purposes.
related to ← Fair Access to Investment Research Act of 2017
related to ← To eliminate the Bureau of Consumer Financial Protection by repealing title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Consumer Financial Protection Act of 2010.
related to ← Repeal CFPB Act
related to ← Fair Access to Investment Research Act of 2017
related to ← Small Business Capital Formation Enhancement Act

Showing 9 of 81 related records.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/115th-congress/house-bill/10
Open data entity: https://api.congress.gov/v3/bill/115/hr/10
us · 115-hr-10 · source updated 21 July 2025