Representative Jeb Hensarling, chairman of the House Committee on Financial Services, introduced the Financial CHOICE Act of 2017 (H.R. 10) on April 26, 2017. H.R. 10 was passed by the House on June 8, 2017. The bill as passed is a wide-ranging proposal with 12 titles that would alter many parts of the financial regulatory system. H.R. 10 is similar to, but has several major differences from, H.R. 5983 from the 114th Congress (called the Financial CHOICE Act of 2016).

The next section highlights major proposals included in the bill, as passed. It is not a comprehensive summary. For a more detailed analysis of H.R. 10, see CRS Report R44839, The Financial CHOICE Act in the 115th Congress: Selected Policy Issues, by [author name scrubbed] et al.

Major Provisions

In general, the changes proposed by the FCA can be divided into two categories: (1) changes to financial policies and regulations and (2) changes to the regulatory structure and rulemaking process.

Major policy-related changes proposed by the FCA include the following:

H.R. 10 also includes structural and procedural changes that affect the balance between regulator independence from and accountability to Congress and the judiciary, including

The FCA as reported by the House Financial Services Committee included a provision that would have repealed the Durbin Amendment, which caps debit card interchange fees for banks with over $10 billion in assets. H.R. 10 as passed does not include this provision.

FCA Changes to the Dodd-Frank Act

Much of H.R. 10 is presented as an alternative to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act; P.L. 111-203), a broad package of regulatory reform enacted in response to the financial crisis that initiated the most significant changes to the financial regulatory system since at least 1999. Many of the provisions of the FCA would modify or repeal provisions from the Dodd-Frank Act, although others would address long-standing or more recent issues.

Table 1 provides a brief overview of selected changes that H.R. 10 would make to the Dodd-Frank Act on a title-by-title basis for the 16 titles in the Dodd-Frank Act. For more information on the content of each Title of the Dodd-Frank Act, see CRS Report R41350, The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary, coordinated by [author name scrubbed].

Table 1. Selected Changes to the Dodd-Frank Act in the Financial CHOICE Act of 2017

Title Number

Subject of Title

Selected Changes


Financial Stability

Eliminates Office of Financial Research and SIFI designations; modifies FSOC's authority, funding, procedures, and structure; exempts firms from enhanced regulation if 10% leverage ratio


Orderly Liquidation Authority

Repeals entire title


Office of Thrift Supervision

No changes


Advisers to Private Funds

Exempts private equity advisers from registration requirements, expands accredited investor definition



Creates new office combining FSOC insurance expert and Federal Insurance Office


Regulation of Depository Institutions

Repeals Volcker Rule and non-bank concentration limits



Requires SEC-CFTC harmonization of rules; modifies requirements on swaps between affiliates


Payment, Clearing, and Settlement Supervision

Repeals entire title


Investor Protections

Repeals SEC reserve fund, certain provisions affecting credit agencies, various executive compensation requirements; exempts securities from risk retention rules that are not residential mortgages


Bureau of Consumer Financial Protection

Modifies CFPB authority, structure, and funding


Federal Reserve

Repeals FDIC authority to provide emergency guarantees, narrows Fed's emergency lending authority


Access to Mainstream Financial Institutions

No changes


TARP funding

No changes


Mortgage Reform

Modifies mortgage rules, including manufactured housing, points and fees, and portfolio lending


Miscellaneous Provisions

Repeals provisions on conflict minerals, mine safety, and resource extraction disclosure


Section 1256 Contracts

No changes

Source: Created by CRS.