Key takeaways

• On Thursday, May 4, 2017, the House Financial Services Committee passed the Financial CHOICE Act of 2017, H.R. 10, by a strict party-line vote.
• The bill, which has been referred to as “CHOICE 2.0,” because it is a revised version of legislation that was considered in the House in the previous congressional session, would repeal, modify and substantively revise many provisions of the Dodd-Frank Act.
• On April 21, 2017, President Trump issued Presidential Memoranda regarding other aspects of the Dodd-Frank Act—specifically, the Orderly Liquidation Authority and the functioning of the Financial Stability Oversight Council.
• This Client Update discusses these developments.