29 June 2016 House Financial Services Committee releases draft legislative text for Hensarling Dodd-Frank repeal bill The House Financial Services Committee on June 23, 2016, released a discussion draft of Chairman Jeb Hensarling's (R-TX) "Financial CHOICE Act," along with a comprehensive summary of the bill. PDFs of the draft bill (500 pages) and the summary (126 pages) are attached with this Alert. The materials released by the Committee are also available on a committee web page, here. The Hensarling bill would repeal key sections of the 2010 Dodd-Frank Act and replace them with alternative mechanisms. Among many other provisions, the bill would allow financial institutions to be exempt from Dodd-Frank prudential regulations and the Basel III's agreement's capital and liquidity rules if they agree to maintain at least a 10% leverage ratio. The bill would also repeal the Orderly Liquidation Authority established by Dodd-Frank's Title II and replace it with a new bankruptcy subchapter for financial institutions. If you have questions, or need additional information, please contact Will Heyniger or Bob Schellhas at Washington Council Ernst & Young at (202) 293-7474.
Document ID: 2016-1142 | |||||
