Investment Management Counsel Provides Insights on the Financial Choice Act in WSJ Pro PE, InvestmentNews, Compliance Week, and FundFire
On Thursday, June 8, the House of Representatives voted 233-186 to pass the Financial CHOICE Act, a bill that would substantially loosen regulation of the financial sector, next progressing to consideration in the Senate. Obtaining any in the Senate will be difficult, stated David Tittsworth (Washington, D.C), investment management counsel in InvestmentNews. There is certainly the possibility, however, that pieces of the Financial CHOICE Act could garner bipartisan support at some point, “though it is difficult to predict now what those pieces may be,” Mr. Tittsworth notes in Compliance Week, adding in The Wall Street Journal’s Pro Private Equity that there is also the question of whether pieces of the bill could get 60 votes in the Senate. Overall, the bill "would dramatically change regulatory reform," Mr. Tittsworth states in FundFire. "It would have regulatory reform provisions that would create significant new hurdles and requirements the SEC and [Commodity Futures Trading Commission] would have to comply with in respect to any rulemaking."