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ARTICLE · 03 MAY 2017

NASAA Warns Financial CHOICE Act Moves In "Wrong Direction"

Hogan Lovells Cadwalader
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In testimony submitted to the House Financial Services Committee, NASAA President Mike Rothman argued that the updated Financial CHOICE Act should not be passed in its current form.

United StatesFinance and Banking
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In testimony submitted to the House Financial Services Committee ("Committee"), North American Securities Administrators Association ("NASAA") President Mike Rothman argued that the updated Financial CHOICE Act should not be passed in its current form. Mr. Rothman objected to bill provisions related to enforcement and regulatory authority, capital formation, and investor protection.

At a hearing before the Committee, Chair Jeb Hensarling (R-TX) introduced the Financial CHOICE Act of 2017. As previously discussed, this bill is an update of the CHOICE Act of 2016 (see the Committee's summary of changes) and represents a major overhaul of the current financial services regulatory regime including a partial repeal of Dodd-Frank.

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