House Financial Services Committee By Party Vote Passes Choice Bill To Cripple CFPB

The HIll report is here. Excerpt:

The CHOICE Act also places major restraints on the Consumer Financial Protection Bureau (CFPB), an agency created by Dodd-Frank that the GOP has long called unaccountable, abusive and redundant.

The bill renames the CFPB the Consumer Law Enforcement Agency and reduces its power to enforce pre-existing consumer protection laws. Its sole director would be removable at will by the president, and its budget would be controlled by Congress through the traditional appropriations process.

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The bill could likely pass in the House along party lines, though it’s widely considered a long-shot to be taken up in the Senate.

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