The Financial CHOICE Act, the Republican-crafted replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act, took its first official steps towards becoming law on Wednesday when House Financial Services Committee Chairman Jeb Hensarling, R-TX, formally introduced the bill in the House of Representatives.
And as the bill moves through the legislative process, it will do so with the support of Steven Mnuchin, the secretary of the Department of the Treasury.
On Thursday, Mnuchin declared his support for the Financial CHOICE Act, which Republicans bill as a “pro-growth, pro-consumer” alternative to Dodd-Frank that would end “too-big-to-fail” bailouts, bring significant reforms to the Consumer Financial Protection Bureau, and provide some regulatory relief for certain financial institutions.
In a statement released Thursday by the Treasury Department, Mnuchin said that he welcomes the Financial CHOICE Act regulatory reforms, adding that the Treasury Department is also focused on regulatory reform measures of its own.
“As Secretary, I am committed to policies that will ensure sustained economic growth that is driven by Main Street and not held back by Washington,” Mnuchin said in the statement.
“The existing regulatory system is limiting, not stimulating our economy,” Mnuchin continued. “At the Treasury, we are focused on delivering regulatory relief that encourages banks to provide the capital and liquidity needed to create jobs and opportunities for growth, and that provides protection against taxpayer-funded bailouts.”
Mnuchin added that the Treasury Department is continuing its review of the regulatory system, as President Donald Trump directed the department to do earlier this year.
“I applaud the steady commitment and leadership that Chairman Hensarling and his colleagues have provided on these issues, and welcome the reintroduction of the CHOICE Act,” Mnuchin concluded. “While I continue my work to implement the President’s executive order setting the core principles for financial regulation, I look forward to working with Congress to both support and strengthen our financial system and safeguard taxpayers.”
For a look at the Financial CHOICE Act “executive summary” published by the Republican side of the House Financial Services Committee, click here.