‘CHOICE Act’ mark-up eyed May 2
As released last week, the revised “CHOICE Act” retains language sought by NAFCU to repeal the Durbin interchange amendment. It would also require regulators to do better cost-benefit analyses of rules, scale back authorities of the CFPB and, among other things, bring reforms to the examination process of financial institutions to ensure an independent and fair appeals process. Unlike the draft in this previous Congress, this version keeps the NCUA Board at three members, as urged by NAFCU.
A hearing on the bill is slated for 10 a.m. Eastern tomorrow. Witnesses include:
- John Allison, former president and CEO of the Cato Institute;
- Norbert J. Michel, Ph.D., Senior Research Fellow with The Heritage Foundation Financial Regulations and Monetary Policy Institute for Economic Freedom and Opportunity;
- Hester Peirce, Director of Financial Markets Working Group and Senior Research Fellow, Mercatus Center;
- Alex J. Pollock, Distinguished Senior Fellow, The R Street Institute;
- Peter J. Wallison, Senior Fellow and Arthur F. Burn, Fellow in Financial Policy Studies, American Enterprise Institute;
- Lisa D. Cook, Associate Professor of Economics and International Relations, Michigan State University;
- Michael S. Barr, Professor of Law, University of Michigan Law School, and a former Treasury official involved in the drafting of the Dodd-Frank Act.