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House GOP releases Dodd-Frank replacement bill, sets hearing

The new text for the bill, the Financial Choice Act of 2017, weighed in at 593 pages, far fewer than the 2010 law it is meant to supplant but longer than last year's version. The main premise of the bill is to cut back the rules imposed by the Dodd-Frank law. And for banks that opt to maintain a high level of capital, which would reduce the odds of bank failures and increase market discipline, the bill would provide for relief from several layers of regulation. Perhaps most notably, the legislation would reform the Consumer Financial Protection Bureau, which oversees financial products such as mortgages and credit cards, by scaling back its authority and ensuring that the president can fire its director at will. Last year's version took a different tack, making the bureau a five-member, bipartisan commission.

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