The Financial Choice Act: Implications For The U.S. Securities Legal Framework

On September 13, 2016, the House Financial Services Committee of the United States House of Representatives (the "FSC")¹ formally released H.R. 5983, the "Financial CHOICE Act" (the "CHOICE Act").² While the CHOICE Act has largely been viewed through a financial regulatory lens, as the first major concerted effort to provide an alternative to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") as a way to end "Too Big to Fail," the CHOICE Act, as currently drafted, would also repeal a number of the specialized disclosure provisions that were contained in the Dodd-Frank Act and subsume "JOBS Act 2.0" capital formation measures that have largely been presented to date as standalone bills.