Representative Jeb Hensarling, Chairman of the House Financial Services Committee, on Tuesday morning announced the GOP’s much-anticipated and much-talked about proposed alternative to Dodd-Frank, entitled the Financial CHOICE Act, or Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs.
The Financial CHOICE Act will be formally introduced as legislation later this month, according to Hensarling. The proposal includes three major points: ending taxpayer-funded bailouts of large financial institutions, relieving banks that choose to be strongly capitalized from what Hensarling called growth-strangling regulation; and imposing tougher penalties on financial predators and fraud perpetrators and at the same time requiring greater accountability from regulators in Washington.
In a survey of nearly 1 thousand homebuyers conducted by Redfin, 27 percent of respondents said they believe the outcome of November's election will have a negative impact on housing—an increase of 12 percentage points since the last such survey in February. One percent said they would absolutely leave the country if the candidate they endorse is not elected president, while another 9 percent said they would consider or seriously consider leaving the country.