WSJ: Financial Choice Act 2.0 Could be Introduced This Week

Here (behind paywall). House Financial Services Committee Chair's Financial Choice Act, passed last fall by the committee,  is expected to be introduced again in a revised version as soon as this week. While Senate Democrats can usually block legislation by using the filibuster, as long as they hold together, the WSJ reports that some aspects of this bill could be passed through the reconciliation process, thereby evading filibusters.  According to the article, that would "include cutting off the CFPB’s independent source of funds and forcing it to seek congressional approval for its budget. . . ." The article explains:

Senate Banking Committee member Sen. Pat Toomey (R., Pa.) is pushing for use of the reconciliation process and has encouraged industry groups in private meetings to lobby for such an approach.

Other Senate Republicans, including Senate Banking Committee Chairman Mike Crapo (R., Idaho), are still figuring out how they might proceed. A senior Republican aide said Mr. Crapo is considering multiple options to change the law, including through reconciliation.

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