Ahead of the vote, the Speaker of the House weighed in supporting the Financial Choice Act.
Paul Ryan is the Republican congressman from Wisconsin who is the Speaker of the House- the top position in that body- and his office released a statement in support of the bill listing five reasons to support the Financial Choice Act.
According to Ryan, the five reasons to support the bill are: 1) It reigns in Dodd-Frank, 2) It delivers relief to Main Street, 3) It ends taxpayer bailouts 4) It cuts the deficit by $24 billion and 5) It reins in unchecked Washington bureaucrats
“No one argues that Wall Street needs some regulation. While the Dodd-Frank Act may have had good intentions, it overreached and in practice hurt Main Street and consumers while providing more protections for Wall Street.” Ryan stated. “The Dodd-Frank Act was designed to grow the size of government exponentially—and it did. It has more pages of rules and regulations than any other Obama-era law. But instead of instilling sensible regulation on the financial industry, it cozied the federal government up with big banks.”
The Financial Choice Act, which passed out of the House Financial Services Committee in May, is scheduled to be voted on by the full house on Tuesday June 6, 2017.
The bill, which will dismantle Dodd/Frank including ending the Volcker rule and the Consumer Financial Protection Bureau, is expected to pass the full House of Representatives where the Republicans hold an advantage of 239-193.
The bill will then head to the Senate where the threat of a filibuster gives the bill an uncertain future.
Ryan has lent vocal support for the Financial Choice Act.
He released this statement last week: “This is a jobs bill for Main Street. It will rein in the overreach of Dodd-Frank that has allowed the big banks to get bigger while small businesses have been unable to get the loans they need to succeed. With the Financial CHOICE Act, the era of taxpayer-funded bailouts and too big to fail is over.”
His vocal support will provide leverage to the supporters of the bill- especially the head of the House Financial Services Committee Republican Congressman from Texas Jeb Hensarling- as it continues down an uncertain legislative future.