Rep. Jeb Hensarling's Financial Choice Act, which seeks to gut the Dodd-Frank Act and is set for release by the end of April, still requires that if the Labor Department promulgates a fiduciary rule, "it must be substantially similar" to one issued by the Securities and Exchange Commission.
Hensarling announced Tuesday his plan to reintroduce his Choice Act in a matter of weeks, stating in a comment provided by a spokesperson that he looks forward to "working with the president and his administration to eliminate Dodd-Frank and replace it" with the Choice Act 2.0.
On March 15, Hensarling said reintroduction of the bill would come in a matter of weeks.
The memo released Tuesday outlining what the new version of Choice Act will look like also requires the chairman of the Securities and Exchange Commission to establish an advisory committee on the SEC's enforcement policies and practices. The advisory committee will offer recommended reforms within one year and the SEC must either codify them or report to Congress on its reasons for not doing so, the memo states.
