On June 8, 2017, the U.S. House of Representatives passed the Financial CHOICE Act, a bill designed to replace many of the financial regulations imposed by Dodd-Frank.  Among other things, the Financial CHOICE Act would eliminate the Volcker Rule, ease regulations of community banks and credit unions, and the Department of Labor’s fiduciary rule.  The bill would also eliminate the FDIC’s Orderly Liquidation Fund, which allows that agency to unwind giant banks.

The bill faces a tough road ahead in the U.S. Senate and would require Democrat support to overcome a filibuster.

ABOUT STINSON LEONARD STREET

Stinson Leonard Street LLP provides sophisticated transactional and litigation legal services to clients ranging from individuals and privately held enterprises to national and international public companies. As one of the 100 largest firms in the U.S., Stinson Leonard Street has offices in 13 cities, including Minneapolis, Mankato and St. Cloud, MN; Kansas City, St. Louis and Jefferson City, MO; Phoenix, AZ.; Denver, CO; Washington, D.C.; Decatur, IL; Wichita, KS; Omaha, NE; and Bismarck, ND.

Drew Kuettel is a member of the firm’s corporate finance group.  Drew works in the firm’s Minneapolis office and can be reached at andrew.kuettel@stinson.com or 612.335.1743.