Financial CHOICE Act of 2017 (H.R. 10) - Plain Language Summary

This Act is designed to create hope and opportunity by making significant changes to financial regulations. Its goal is to end government bailouts of big banks ("Too Big to Fail"), hold Wall Street and Washington accountable, reduce excessive rules, and improve economic freedom and access to credit and capital for investors, consumers, and small businesses.

Summary

In simple terms, this bill rolls back many parts of the Dodd-Frank Wall Street Reform Act to reduce government intervention in the financial sector. It ends taxpayer-funded bailouts and makes big financial firms face bankruptcy like other businesses would. It holds Wall Street more accountable by increasing penalties and making enforcement more transparent. It requires federal financial regulators to do thorough cost-benefit analyses and submit important rules to Congress for approval.

It also helps small businesses and start-ups by relaxing regulations that make it hard to raise money, simplifies crowdfunding, and eases requirements on community banks and credit unions. Financially strong banks get regulatory relief. The Consumer Financial Protection Bureau becomes an independent agency with reformed powers and greater transparency. Lastly, the bill enhances Fed transparency and creates an independent insurance advocate to improve U.S. insurance oversight and international cooperation.

Overall, the Act aims to promote economic growth, protect taxpayers and consumers, increase regulatory accountability, and restore freedom and fairness in financial markets.