Financial Services Committee Democrats continue to retaliate against the Republican-led Financial CHOICE Act, the leading act to replace Dodd-Frank.
The Financial CHOICE Act is currently in the process of reaching the entire House of Representatives, but in order to get there, it must first make it through the committee’s mark-up of the bill.
Rep. Maxine Waters, D-Calif., ranking member of the Financial Services Committee, opened up the mark up session, stating, “The Wrong Choice Act is a deeply misguided measure that would bring harm to consumers, investors and our whole economy. The bill is rotten to the core, and simply carries water for Trump and his buddies on Wall Street.”
“The bill is also dead on arrival in the Senate, and has no chance of becoming law. And so, I’d urge my colleagues on the other side of the aisle to vote to protect your constituents, rather than walking the plank with the Chairman on this senseless, harmful, dead-end bill,” she concluded.
Then, in their latest move to block the act, Democrats stalled the mark-up on Tuesday for more than three hours in a little a little-used parliamentary maneuver, according to an article in the Credit Union Times by David Baumann.
From the article:
The Democrats objected to a routine unanimous consent request to dispense with reading of Hensarling’s latest version of the bill, forcing committee staff to begin reading aloud the 591-page bill. Hensarling had proposed a “manager’s amendment” to his original bill, a routine move in committee consideration of legislation.
After committee staff read the text for more than three hours, Democrats consented to the unanimous consent request—allowing debate to resume.
As a result, the article noted House Financial Services Committee Chairman Jeb Hensarling, R-TX, the main leader behind the Financial CHOICE Act, announced Tuesday afternoon that votes on any amendments offered would be delayed until Wednesday morning.
At time of publication, the hearing was still going on.