May 5, 2017
- The Financial Services Committee of Congress narrowly passed the Financial CHOICE Act, H.R. 10. Democrats were unhappy about the initial proposal of the new bill. The group took measures to stall the mark-up and voice their opinions regarding the “Wrong Choice Act.” This 591 page bill seeks to end bailouts for big banks resulting in bankruptcy.
- The Federal Open Market Committee refused to raise interest rates. Economic activity decreased in the month of March while job gains remained stagnant. Although this is great news for now, the committee plans to increase rates at two additional points this year.
- The Dodd-Frank Act requires the Consumer Financial Protection Bureau (CFPB) to review various rules implemented withing five years of their effect. The CFPB committed to reviewing the “mortgage servicing rule” which protected borrowers against mortgage loan servicing practices.