House Financial Services Committee looks to repeal DOL new fiduciary rules

House Financial Services Committee Chairman Jeb Hensarling (TX-R) introduced a bill late last week that contains provisions to repeal the Department of Labor’s new fiduciary rules. The bill is called the Financial CHOICE Act, HR 5983, and it will:

End taxpayer-funded bailouts of large financial institutions; relieve banks that elect to be strongly capitalized from growth-strangling regulation that slows the economy and harms consumers; impose tougher penalties on those who commit financial fraud; and demand greater accountability from Washington regulators.

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