Trump Endorses Provisions of Choice Act, May Push for More

That rule, which must be passed by the House before debate on the bill starts, sets aside 90 minutes of general debate on the bill. The rule also makes in order six Republican amendments to the bill, but no Democratic amendments.

The bill would overhaul Dodd-Frank, making myriad of changes to the financial regulatory regime. It would diminish the powers of the CFPB, require congressional approval of significant agency rules and subject financial regulators, including the NCUA and the CFPB to the annual appropriations process.

Republicans argue that Dodd-Frank has restrained financial institutions, slowing economic growth. Democrats contend that Dodd-Frank instituted much-needed consumer protections following the economic crisis.

In its statement, the administration cited several provisions of H.R. 10 its supports, including proposals to:

• allow well-capitalized banking organizations to opt out of certain regulatory requirements;
• affirm the President's authority to remove the Director of the Consumer Financial Protection Bureau (CFPB) at will;
• subject the CFPB to the congressional appropriations process;
• require broader use of cost-benefit analysis by financial regulators, and provide regulatory relief for community financial institutions.

The administration said in its statement that it will work with Congress to identify additional provisions of Dodd-Frank "that unnecessarily raise costs and limit choices for consumers."