GOP releases text for Dodd-Frank replacement

House Republicans published draft legislative text for their Dodd-Frank replacement late Thursday afternoon, totaling nearly 500 pages.

The legislative language fleshes out the outline already introduced by the Financial Services Committee and its chairman, Jeb Hensarling. The legislation, the Financial CHOICE Act, would give banks the choice of opting out of the rules and regulations contained in President Obama’s 2010 law if they maintain high levels of capital, and would broadly reshape the financial regulatory system.