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.
With the legislative text, the Republicans rolled out the endorsements of a number of economists for the bill, including several Nobel Prize winners.
“We support the reform principles that underlie the proposed Financial CHOICE Act, which promote higher economic growth without bailouts, reduced risk of crises and simplification of the regulatory process by emphasizing market mechanisms operating through the rule of law,” the economists wrote. Among them were Nobel winners Lars Peter Hansen, Robert Lucas and Edward Prescott.
For those not inclined to pore over the 498-page bill, the committee also released an extensive summary of the legislation’s far-reaching provisions.
Hensarling, a conservative Texan, aims to mark up the legislation in September, the Morning Consult reported.
The legislation stands no chance of being enacted by Obama. It is intended to set the stage for a potential Republican president working in concert with a GOP House and Senate in 2017.
