House Passes Comprehensive Dodd-Frank Overhaul
The U.S. House of Representatives yesterday passed legislation, the Financial CHOICE Act (H.R. 10), that would repeal and replace many provisions of the Dodd-Frank Wall Street Reform Act. The bill passed on a largely party-line vote of 233-186, with all but one Republican voting in support and all Democrats opposed.
The bill includes several provisions that could impact the rules governing HFA lending programs and ways of financing them. NCSHA summarized the bill’s key provisions in a previous blog post.
During debate on the House floor, Republicans argued that the legislation would remove burdensome financial regulations that have reduced credit availability and hampered economic growth. Democrats countered that the bill would cripple key consumer protections.
The CHOICE Act will now be sent to the Senate. While it is not yet known if and when the Senate will consider the legislation, it is unlikely in its current form to garner the 60 votes it needs for Senate passage due to Democratic opposition.