House to consider Dodd-Frank rewrite bill in June

The House is slated to vote on a Republican bill in June that would roll back parts of the Dodd-Frank Wall Street reform law.

The Financial CHOICE Act is expected to be considered on the House floor the week of June 5, when Congress returns from its Memorial Day recess. The Rules Committee announced Friday that lawmakers have until June 2 to submit amendments on the legislation.

The bill would make numerous changes to key parts of Dodd-Frank, including reducing the power of the Consumer Financial Protection Bureau, a common target of Republicans, and replacing the Orderly Liquidation Authority with a new bankruptcy process for financial institutions.

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The legislation was approved by the House Financial Services Committee earlier this month on a party-line vote at the end of a days-long markup. Democrats offered a number of amendments that were rejected in an effort to preserve more of Dodd-Frank.

Ahead of the floor vote, Financial Services Chairman Jeb Hensarling (R-Texas) is offering an amendment that would remove a provision in the CHOICE Act that repeals Dodd-Frank’s limits on fees banks charge retailers for debit card processing.

Some GOP lawmakers did not want the swipe fee limits, known as the Durbin amendment, to be repealed. Retailers are pleased to see that the limits will be kept. 

“By keeping debit swipe protections in place, small businesses will not be stuck with a debit card tax on top of their already thin operating margins,” said Cicely Simpson, executive vice president of the National Restaurant Association.