The CHOICE Act passed the U.S. House of Representatives today. As expected, it passed through on party lines (233-186) with Republicans taking the lead on this critical legislation. The bill would roll back many of Dodd-Frank’s provisions, including rules on mortgage lending and small business data collection as well as revamping the CFPB. WBA would like to thank House Speaker Paul Ryan for his leadership in recognizing the important role banks play in the economy and advocating for the bill to be passed.

WBA also would like to thank Reps. Sean Duffy, Mike Gallagher, Glenn Grothman and Jim Sensenbrenner for their support in the bill’s passage.

What’s next? WBA will be working closely with Senator Tammy Baldwin (D) and Senator Ron Johnson (R) on passing this important legislation through the Senate.

In other news on the state level...

Bankers around the state spoke to their legislators on the following issues. WBA continues to build upon that foundation.

Commercial & Ag Loan Tax Exemption:
WBA continues to meet with leadership and Joint Finance Committee members on this issue. The budget process has been delayed due to  disagreements between the Senate and Assembly over transportation funding, education funding, and tax reform. The two meetings of the committee set for this week were abruptly canceled. So far, one is scheduled for next Thursday but there is no guarantee that will actually happen. The state fiscal year officially ends June 30th.

Financial Literacy:
The bill was unanimously voted out of the Assembly Financial Institutions Committee this week and will be considered by the full Assembly during their session on June 21.