How Choice Act Would Change Agency Rule-Making Authority

By Gregory Hesse and Abigail Storm (October 25, 2017, 1:50 PM EDT) -- In response to the 2008 financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, "a dense 2,319-page piece of legislation" that "delegated unprecedented authority to financial regulators and mandated hundreds of new regulations."[1] Among the regulatory agencies that have prolifically been issuing regulations is the Consumer Financial Protection Bureau, which was created as a brand-new, startup agency under Dodd-Frank. Recently though, extensive efforts to reform Dodd-Frank and the CFPB have caused commotion in Washington. Specifically, the Financial Choice Act (FCA) was approved by the House of Representatives on or about June 12, 2017, and is currently in committee in the Senate. This article discusses an indirect method of CFPB reform through the FCA's proposed changes in agency rule-making authority via modifications to the Congressional Review Act (CRA)....

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