Galen Stops takes a look at Republican attempts to repeal the Dodd-Frank Act
On Thursday last week, the US House of Representatives approved the Financial Choice Act (Choice Act), which would repeal major elements of the Dodd-Frank Act. But what does this actually mean in practice?
Well, if it is enacted, the bill passed by the House will lead to a whole range of changes to Dodd-Frank.
For starters, the Choice Act would implement significant changes to Title 1 of Dodd-Frank, entitled “Regulatory Relief for Strongly Capitalised, Well-Managed Banking Organizations”, which would specifically alter the remit of the Financial Stability Oversight Council (FSOC).