After nearly four hours of debate on Thursday, the House passed the Financial Choice Act, legislation designed to replace the Dodd-Frank Act, derail the Department of Laborç—´ fiduciary rule and gut the Consumer Financial Protection Bureau.
Democrats, who consistently referred to the legislation as the Wrong Choice Act during the heated debate on the House floor, offered no amendments to the bill, which passed by a 233-186 vote.
The designation 努ould introduce a wholly inappropriate and unnecessary regime of bank-type regulations that would increase costs and reduce returns for investors, distort the fund marketplace, and compromise the important role that funds play as a source of financing and capital formation in the economy.
Other provisions ç”°orrect the indiscriminate application of bank-oriented stress-testing requirements to all large ç´♥inancial companies,樗 ICI added. å…¸hese changes would further reduce the risk of applying ill-suited measures to registered funds and fund advisors that would increase costs to fund investors without providing any corresponding benefits.
Something about removing restrictions on brokers having a fiduciary duty to their investors, in particular for retirement accounts - this is exactly why we ended up with Glass Steagle and the SEC.