The House of Representatives voted this afternoon to pass the Financial CHOICE Act (“CHOICE 2.0”), its comprehensive financial regulatory reform bill. The key provisions of CHOICE 2.0 are summarized in our client alert of April 24, 2017, available here, although the bill has evolved somewhat since April. As we wrote late last month, Representative Jeb Hensarling agreed on May 24 to remove the repeal of the Durbin Amendment from the second discussion draft of the Act.
CHOICE 2.0 is likely to face strong opposition from Senate democrats, and its passage through the Senate is by no means assured. We will continue to track the progress of CHOICE 2.0, and of any further amendments that may be proposed in the Senate to facilitate its passage through that chamber.