The House Rules Committee yesterday cleared for a vote on the House floor a Republican effort to strip much of the Dodd-Frank Act, The Hill reported today. The panel cleared the Financial CHOICE Act 9-4 along party lines and with few amendments. The full House is scheduled to vote on the bill by Friday morning, and it is expected to pass it without Democratic support. The CHOICE Act is an effort to roll back Dodd-Frank, long panned by Republicans as a burden on the U.S. economy and businesses. The bill, sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), passed that panel earlier this month with unanimous Republican support and unified Democratic opposition. Rules Committee members approved few changes to the bill beyond an updated version introduced by Hensarling. The amendment removed a provision to scrap a controversial cap on fees charged to retailers by credit card companies, placed the National Credit Union Administration under the congressional appropriations process, and mandated greater classified information sharing between federal financial regulators and Congress.
