Financial CHOICE Act of 2016

openUnited States· United States Congress· EN

Introduced

9 September 2016

Last action

20 December 2016 · Reported

Status

Placed on the Union Calendar, Calendar No. 693.

Summary

Financial CHOICE Act of 2016 This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to: repeal the "Volcker Rule" (which restricts banks from making certain speculative investments); 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 the "Durbin Amendment" (which limits the 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 Designations made previously are retroactively repealed.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: restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission; subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and limit the commission'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

9 September 2016
Introduced
Introduced in House
Source: IntroReferral
9 September 2016
Introduced
Introduced in House
Source: IntroReferral
9 September 2016
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
9 September 2016
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
12 September 2016
Referred
Referred to the Subcommittee on Economic Development, Public Buildings and Emergency Management.
Source: Committee
13 September 2016
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 26.
Source: Committee
13 September 2016
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
15 September 2016
Referred
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Source: Committee
23 September 2016
Referred
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Source: Committee
20 December 2016
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
Source: Committee
20 December 2016
Calendars
Placed on the Union Calendar, Calendar No. 693.
Source: Calendars
20 December 2016
Discharge
Committee on Agriculture discharged.
Source: Discharge
20 December 2016
Committee
Committee on Agriculture discharged.
Source: Committee
20 December 2016
Reported
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-883, Part I.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported in House · 20 December 2016 · Download file
Introduced in House · 9 September 2016 · Download file

Documents

6 official files

Reported in House (text)

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Reported in House (text)
Reported in House · EN · 20 December 2016
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Reported in House (PDF)
Reported in House · EN · 20 December 2016
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Reported to House amended, Part I
summary · EN · 20 December 2016
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Introduced in House (text)
Introduced in House · EN · 9 September 2016
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Introduced in House (PDF)
Introduced in House · EN · 9 September 2016
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Introduced in House
summary · EN · 9 September 2016
Open at official source
Leesvertaling
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Related records

related to → Risk-Based Credit Examination Act
related to → Federal Reserve Transparency Act of 2015
related to → Regulations from the Executive in Need of Scrutiny Act of 2015
related to → Preserving Access to Manufactured Housing Act of 2015
related to → Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
related to → Financial Institution Customer Protection Act of 2016
related to → Retail Investor Protection Act
related to → Portfolio Lending and Mortgage Access Act
related to ← Crowdfunding Enhancement Act
related to ← Creating Financial Prosperity for Businesses and Investors Act

Showing 10 of 76 related records.

Sources

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

Official source: https://www.congress.gov/bill/114th-congress/house-bill/5983
Open data entity: https://api.congress.gov/v3/bill/114/hr/5983
us · 114-hr-5983 · source updated 21 July 2025