Democrats have requested three additional House Committees to review provisions of the House Financial Services Committee Financial CHOICE Act, a move that could delay House consideration of the measure.
The Financial Services Committee approved Chairman Jeb Hensarling’s (R-Texas) bill on May 4. The full House could consider the measure as soon as next week.
It would overhaul Dodd-Frank, making myriad of changes to the financial regulatory regime. It would diminish the powers of the CFPB, require congressional approval of significant agency rules and subject financial regulators, including the NCUA and the CFPB to the annual appropriations process.
Ranking Democrats on the House Oversight and Governmental Reform, Judiciary and Education and Workforce Committees have asked their respective chairmen to assert jurisdiction over the bill, saying that some of the provisions fall under the committees’ purview.
In his letter, House Oversight and Government Reform ranking Democrat Elijah Cummings (D-Md.) said that regulatory reform provisions “clearly fall within the legislative jurisdiction of the committee.” He cites provisions dealing with unfunded mandates, whistleblower protections and inspectors general.
He said the bill is misguided and called its provisions “dangerous.”
In his letter, House Education and Workforce ranking Democrat Bobby Scott (D-Va.) said that Chairman Rep. Virginia Foxx (R-N.C.) should ask GOP leaders to allow the committee to consider provisions that would repeal the Labor Department’s Fiduciary Rule and provisions that would weaken the CFPB, saying the bill those provisions would “significantly impact the retirement savings of hard-working Americans and student loan services.”
House Judiciary Committee ranking Democrat Rep. John Conyers (D-Mich.) said the panel clearly has jurisdiction over the bill. He said the CHOICE Act contains provisions of a Judiciary Committee bill regarding the bankruptcy of financial institutions. He said that the measure also would prohibit the CFPB from issuing rules prohibiting mandatory arbitration agreements in financial contracts.
