On May 12, 2017, President Trump re-nominated Brian Quintenz to serve as CFTC Commissioner for the remainder of a five-year term expiring April 13, 2020. Mr. Quintenz was previously nominated by President Obama but his nomination was not confirmed by the Senate.

View press release.
 

President Trump nominated David Kautter to serve as Assistant Secretary of the Treasury for Tax Policy.  Mr. Kautter currently serves as Partner-in-Charge of the Washington National Tax practice for RSM, an audit, tax and consulting services firm.

View press release.

The US Securities and Exchange Commission announced the appointment of William H. Hinman as director of the Division of Corporation Finance.

View press release.
 

US House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) introduced a modified version of the financial regulatory reform legislation that he introduced in the last Congress.  Among other things, the new CHOICE 2.0 includes certain stress test reforms

Read more.

President Trump issued two new directives to Treasury Secretary Mnuchin, aimed at revising federal regulations. The directives ordered Secretary Mnuchin to conduct reviews of and report back within 180 days regarding the FDIC’s Orderly Liquidation Authority, which was granted to the US Federal Deposit Insurance Corporation under Dodd-Frank, and the ability of the US Financial Stability Oversight Council to designate nonbank financial firms as systematically important financial institutions and subject to Federal Reserve oversight. Contemporaneously, the President also issued an Executive Order directing Secretary Mnuchin to examine whether any significant tax rules issued on or after January 1, 2016 would impose an undue financial burden on US taxpayers, add undue complexity to the Federal tax laws, or cause the Internal Revenue Service to exceed its statutory authority.

 

President Trump nominated former New Jersey Congressman Scott Garrett to be President of the Export-Import Bank for a term of four years expiring January 20, 2021.  The President also nominated former Congressman Spencer Bachus of Alabama to be a Member of the Ex-Im Bank’s Board of Directors for a term of four years expiring January 20, 2019.

View the White House press release.

The US CFTC announced that N. Charles Thornton III has been named the CFTC’s Director of the Office of Legislative Affairs. Mr. Thornton will assume his duties on April 17, 2017.

View the CFTC press release.

The European Commission has published a consultation paper on conflicts of law rules for securities ownership, addressing so-called third party effects of transactions in securities and claims. The consultation relates to the Commission's Capital Markets Union and the objective of creating a single market for capital by facilitating cross-border investment.

Read more.

The US Commodity Futures Trading Commission announced that Andrew B. Busch had been named the CFTC’s first Chief Market Intelligence Officer. In a speech announcing the appointment, Acting CFTC Chairman J. Christopher Giancarlo stated that the new CMIO’s role will be to activate the CFTC’s capability for market intelligence, in order to understand, analyze and communicate dynamics in the derivatives market.

View press release announcing the appointment.

US Commodity Futures Trading Commission Acting Chairman J. Christopher Giancarlo announced the appointment of federal prosecutor James McDonald as the agency’s new Director of Enforcement.  Mr. McDonald, who was most recently a prosecutor in the U.S. Attorney's Office for the Southern District of New York, will assume his duties at the agency on April 10, 2017.  On April 3, 2017, Acting Chairman Giancarlo announced that Andrew Busch has been named the CFTC’s first Chief Market Intelligence Officer, responsible for harnessing the CFTC’s market intelligence capabilities and, combined with industry and policy maker outreach, identifying and communicating emerging trends in the commodity futures markets and reporting directly to the CFTC Chairman.
 

UK Prime Minster Theresa May formally notified the European Council of the UK's intention to withdraw from the European Union in accordance with requirements set out in Article 50 of the Treaty on the European Union. Prime Minister May sent a letter to the President of the Council, Donald Tusk, which sets out the approach the UK Government seeks to take in discussing its exit from the European Union over the next two years.

View the letter.

You might like to view our Brexit resource page, which is available here.

The European Securities and Markets Authority has published a research Report on securities financing transactions in the European Union and the use of collateral haircuts by firms. The purpose of ESMA's research is to outline the current level and calculation methodologies of haircuts used in the EU by SFT market participants with the overall aim of informing future discussions in the context of global regulatory policy.

Read more.

The US Federal Reserve System released the 2016 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An independent auditing firm engaged by the Federal Reserve Board has issued unqualified opinions on the financial statements and on the Federal Reserve Board’s and the Federal Reserve Banks’ internal controls over financial reporting.

The audited financial statements provide a significant amount of information about the assets, liabilities and earnings of the Federal Reserve Banks and the Federal Reserve Board as of December 31, 2016, including information about the composition, fair value and earnings related to the $4.4 trillion of US Treasury securities, government-sponsored enterprise (GSE) debt securities and federal agency and GSE mortgage-backed securities acquired through open market operations.

View The Federal Reserve System financial statements.

The Financial Conduct Authority has issued a press release announcing that Nick Stace had been appointed as a Non-Executive Director Board Member. Mr. Stace commenced his initial three-year term on April 1, 2017. Mr. Stace is also Chief Executive of the Royal College of Veterinary Surgeons.

View the press release.

The G20 Leaders have published a Communique from the Summit held in Germany. The G20 Leaders reiterated their commitment to finalizing the remaining elements of the financial sector reform agenda and to conducting a post-implementation evaluation of the reforms. The G20 Leaders have endorsed the Financial Stability Board's recommendations to address structural vulnerabilities arising from asset management activities and have asked the International Organization of Securities Commissions to prepare measures for timely implementation of those recommendations. Monitoring of those risks is to continue and, for the July 2017 Summit, the FSB is to assess the adequacy of monitoring and policy tools to address risks from shadow banking and to consider whether any further policy is needed. The G20 Leaders have called on their members to complete their implementation of the OTC derivatives reforms. The FSB is due to review the implementation and effects of these reforms.

Read more.

President Trump made several nominations for key posts in the US Department of Treasury. Specifically, President Trump nominated James Donovan as Deputy Secretary of the Treasury and David Malpass to serve as Under Secretary for International Affairs. Sigal Mandelker was nominated as Under Secretary for Terrorism and Financial Intelligence. Brent James McIntosh was nominated to serve as General Counsel to the Treasury, and Adam Lerrick was nominated as Deputy Under Secretary for International Finance.

View the White House press release on the nominations.

President Donald J. Trump nominated J. Christopher Giancarlo to serve as Chairman of the US Commodity Futures Trading Commission. The nomination of Mr. Giancarlo, who has been a Commissioner of the CFTC since 2014 and has been serving as acting CFTC Chairman since January 20, 2017, was widely expected. In speeches at various industry conferences, Acting Chairman Giancarlo has detailed his agenda for the CFTC, calling for reinterpretation of the CFTC’s regulatory mission to pursue the core goals of (i) fostering economic growth, (ii) enhancing U.S. financial markets and (iii) “right-sizing” its regulatory footprint. In pursuit of these goals, the agenda calls for an agency-wide review of CFTC rules, regulations and practices in order to make them simpler and less burdensome. In addition, the agenda advocates revising the swaps trading rules in order to allow market participants to have greater flexibility in choosing the manner of trade execution. In his remarks, Acting Chairman Giancarlo also called for greater engagement by the CFTC with its overseas regulatory counterparts on the basis of “cross-border comity, not uniformity.”

View the text of the speech.

Charlotte Hogg has formally offered her resignation to the Bank of England, which was publicly accepted on March 14, 2017. Ms. Hogg held the positions of both Deputy Governor Markets & Banking and Chief Operating Officer. She joined the Bank in 2013 and assumed the additional position of Deputy Governor on March 1, 2017. Ms. Hogg's resignation follows information being made public through hearings of the House of Commons Treasury Select Committee noting that Ms. Hogg failed to correctly disclose a conflict of interest relating to her brother holding a senior executive position at Barclays. As a consequence, during Ms. Hogg's tenure she was not compliant with the Bank's Code of Conduct which Ms. Hogg had assisted in drafting. The Treasury Select Committee has also announced that the Bank is reconfiguring reporting lines and internal structures with a view to safeguarding the governance of the Bank's Code of Conduct, Compliance and disciplinary processes.

View the letter of resignation.

View the Bank of England's response.

View the Treasury Committee second report on the appointment of Ms. Hogg.
 

President Trump met with community bankers at a National Economic Council "listening session" at the White House. President Trump discussed the February 3, 2017 Executive Order, “Core Principles for Regulating the United States Financial System,” and how excessive regulation is threatening US community banking. According to a White House readout, President Trump promised to work to tailor the nation’s regulatory framework so that it accounts for the unique challenges faced by community banks.

Following the meeting, US House Financial Services Committee Chairman Jeb Hensarling released a statement noting that it is “encouraging to have a president who is listening to the concerns of community bankers who have been buried under an avalanche of burdensome regulations as a result of Dodd-Frank. Republicans on the Financial Services Committee are eager to work with the President and his administration this year to fulfill the pledge to dismantle Dodd-Frank and unclog the arteries of our financial system so the lifeblood of capital can flow more freely and create jobs.”

Read the White House readout.

Read the Statement from Representative Hensarling.

The CFTC announced that Daniel J. Davis has been named the agency’s General Counsel, effective immediately.

View the CFTC press release.

The CFTC announced that Daniel J. Davis has been named the agency’s General Counsel, effective immediately.

View the CFTC press release.

The European Commission launched a new portal through which feedback can be provided on proposed EU legislation and initiatives. The portal is part of the Commission’s Better Regulation agenda. The portal is intended to provide individuals and stakeholders with the opportunity to provide input on new EU legislation from the preparation phase through to proposals for new laws and evaluations of how existing laws are performing.

View the European Commission’s portal.
 

The European Commission has published a request to the European Securities and Markets Authority for technical advice on possible delegated acts under the Prospectus Regulation. The Prospectus Regulation has been agreed but is yet to be published in the Official Journal of the European Union. It will enter into force 20 days after publication and apply two years after publication - currently expected to be June 2019. The Prospectus Regulation will replace the existing Prospectus Directive and sets out the requirements for a prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. The Prospectus Regulation aims to simplify the rules and administrative obligations for companies wishing to issue shares or debt on the market and reducing the costs of preparing a prospectus, thus fostering cross-border investments in the single market, while at the same time still enabling investors to make informed investment decisions.

Read more. 

The US Federal Reserve Board announced the appointment of Ann Misback as its Secretary, effective April 2, 2017.  The Office of the Secretary supports the Federal Reserve Board by providing essential corporate secretary services, including the planning and execution of Federal Reserve Board meetings, as well as related support services.

Ms. Misback succeeds Robert deV. Frierson, who has served as Secretary since July 2012.

View the Federal Reserve Board press release.

The US Department of Labor proposed to extend the applicability dates of the fiduciary rule and related exemptions, including the Best Interest Contract Exemption, from April 10, 2017 to June 9, 2017.

Read more.
 

The SEC adopted rule and form amendments to make it easier for investors and other market participants to find and access exhibits in registration statements and periodic reports that were originally provided in previous filings. The final rules will take effect on September 1, 2017.

The amendments will require issuers to include a hyperlink to each exhibit in the filing’s exhibit index.  Currently, someone seeking to retrieve and access an exhibit that has been incorporated by reference must review the exhibit index to determine the filing in which the exhibit is included, and then must search through the registrant’s filings to locate the relevant filing.

View the final rule.

The SEC published a request for public comment on disclosures called for by Industry Guide 3 - Statistical Disclosure by Bank Holding Companies. Stating that the financial services industry has changed drastically since Guide 3 was originally published, the SEC is soliciting public input on whether Guide 3 continues to elicit the information that investors need for informed investment and voting decisions.  The SEC also seeks comment on whether there are new types of disclosures about the activities of bank holding companies that investors would find important.

The request for comment is published on the SEC website and in the Federal Register.  The comment period will remain open until May 8, 2017.

View the request for comment.

The European Commission published a White Paper on the future of Europe. The White Paper outlines possible drivers of change and scenarios in which the current 27 member states could evolve by 2025. The White Paper reviews possible changes that could occur over the next decade, such as the impacts of new technologies on societies and jobs, doubts about globalization, security concerns and the rise of populism. The White Paper outlines a non-exhaustive list of five possible scenarios by which the EU could evolve, entitled: (i) Carrying On; (ii) Nothing But the Single Market; (iii) Those Who Want More Do More: (iv) Doing Less More Efficiently; and (v) Doing Much More Together. The White Paper forms part of the Commission’s contribution to the Rome Summit. Following the Summit, the Commission, the European Parliament and interested Member States will host a series of “Future of Europe Debates” across Europe.  

View the press release. 

View the Annex summarizing the scenarios.

View the White Paper.

The Financial Conduct Authority launched a consultation on proposed changes to the availability of information in the UK equity IPO process. The consultation follows the discussion paper published by the FCA in April 2016. The FCA's view is that diverse and independent information is not available early enough in the IPO process. To address this issue, the FCA is proposing to amend the order in which the approved prospectus and connected research is made available to investors and to ensure that analysts from firms not supporting the IPO are provided with access to the issuer's management. In particular, the FCA is proposing that an approved prospectus or registration be published and unconnected analysts have access to the issuer's management before any connected research is released. In addition, the FCA is proposing to clarify, through supplemental guidance, that it would regard any interaction between analysts and issuers or their representatives to be participation in investment banking pitching efforts until the firm has accepted a mandate to carry out underwriting or placing services for the issuer and the firm's position in the syndicate has been determined.

The consultation closes on June 1, 2017. The FCA expects to publish a policy statement setting out the final changes, if any, before the end of 2017.

View the consultation paper.

View the discussion paper.

The Financial Conduct Authority has published a letter addressed to the CEOs of firms operating a loan-based crowdfunding platform about concerns that the platforms may be facilitating loans to lending businesses that do not have the requisite regulatory permissions. According to the FCA, a lending business that borrows through a platform and then lends that money to others may be carrying on the regulatory activity of "accepting deposits". If the lending business does not have the regulatory permission to accept deposits, it would be in breach of UK legislation and may be committing a criminal offense. The FCA's view is that a loan-based crowdfunding platform that facilitates this type of behaviour is "acting in a manner inconsistent with [the FCA's] expectations for regulated firms" and may be in breach of regulatory requirements, in particular, breaching the FCA's Principles on treating customers fairly, the threshold conditions and business model requirements. Firms operating loan-based crowdfunding platforms have been asked to assess whether they are facilitating the relevant behaviour, and if so, to desist and consider the appropriate steps that should be taken to avoid facilitating such actions in the future. The FCA also requests the CEOs provide, by March 6, 2017, the details of the firms that they have concluded are accepting deposits without the requisite permission.

View the FCA's letter.

The White House withdrew the nominations of Brian Quintenz and Christopher Brummer to be commissioners of the US CFTC. The CFTC is currently operating with two commissioners.  The full Commission consists of five commissioners appointed by the President, with the advice and consent of the Senate, to serve staggered five-year terms.

View the US Senate website noting the nominations withdrawn.

HM Treasury published its response to its late 2016 consultation on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the definition of "investment advice" set out in the Markets in Financial Instruments Directive. HMT is proceeding with the change as consulted on and will lay draft legislation before Parliament to give effect to the change. The Financial Conduct Authority published a statement about the change, setting out what the change will mean for firms advising on investments or providing a personal recommendation.

Read more.

The European Commission published a report on accelerating the Capital Markets Union by addressing national barriers to capital flows. The report is addressed to the European Parliament and the Council of the European Union. It focuses on issues that may impede investors' cross-border operations throughout the investment cycle. The report identifies what it sees as the main barriers to investment and sets out a suggested roadmap for Member States to address these barriers, most of which are actionable in 2017. The issues identified in the report include marketing requirements, administrative arrangements, regulatory fees for cross-border marketing, different approaches to crowdfunding, residence requirements, insufficient financial literacy, differences in insolvency regimes and withholding tax relief. Member States are invited to agree on the actions set out in the roadmap although the Commission may also consider whether any legislative proposals are appropriate.

Member States have also been invited to identify other barriers in CMU-relevant areas, such as national reporting requirements imposed in addition to existing EU legislation, barriers to the online distribution of investment funds, obstacles for smaller institutional investors ineligible for a passport under the Markets in Financial Instruments Directive and challenges involved in the distribution of retail financial products.

View the Commission's report.

President Trump signed the Enforcing the Regulatory Reform Agenda executive order that will establish a task force and regulatory reform officer at each US federal agency, appointed by agency heads. The purpose of these new roles will be to enforce the President’s agenda going forward, including the President’s previous executive order that requires agencies to repeal two rules for every new rule that they issue. The task forces are responsible for reviewing existing regulations within 90 days to determine if any can be repealed or amended.

View the Executive Order.

The US SEC published information and guidance for investors and the financial services industry on the use of robo-advisers, which are registered investment advisers that use computer algorithms to provide investment advisory services online. Because of the unique issues raised by robo-advisers, the SEC’s Division of Investment Management issued a Guidance Update for robo-advisers that contains suggestions for how they can meet their disclosure, suitability and compliance obligations under the Investment Advisers Act of 1940. Robo-advisers, as registered investment advisers, are subject to the substantive and fiduciary obligations of the Advisers Act. The Guidance Update notes that there may be a variety of means for a robo-adviser to meet its obligations to clients under the Advisers Act, and that not all of the issues addressed in the Guidance Update will be applicable to every robo-adviser.

Read more.

US House Financial Services Committee Chairman Jeb Hensarling and the other 33 Republican members of the Committee sent a letter to US Board of Governors of the Federal Reserve System Chair Janet Yellen. Although Chair Yellen had stated in recent testimony that the Federal Reserve Board would abide by President Trump’s January 30, 2017 regulatory freeze, the letter further urged the Chair to refrain from proposing or adopting any new rules, absent an emergency, until the Senate confirms a Vice Chairman for Supervision of the Federal Reserve Board. The letter stated that if the Federal Reserve Board proceeded with adopting rules prior to the confirmation of a Vice Chairman, the lawmakers would work to “ensure that Congress scrutinizes the Federal Reserve’s actions - and, if appropriate, overturns them - pursuant to the Congressional Review Act.”

View the letter.
 

The Financial Conduct Authority has published a consultation paper proposing amendments to the Listing Rules of the FCA's Handbook. The FCA is proposing to, among other matters, (i) clarify the premium listing eligibility requirements and introduce new technical notes and additional guidance to give more context to the rules; (ii) introduce a new concessionary route to premium listing for certain property companies that cannot meet the track record requirements so that a property valuation report may be used to assess the company's eligibility for a premium listing; (iii) introduce new technical notes on the concessionary routes; (iv) amendments to the profit test within the class tests which are used to determine which governance requirements a premium listed issuer must comply with for certain large transactions; and (v) in the context of reverse takeovers, reversing the assumption of insufficient information being available to the market where a target issuer cannot provide that information so that the assumption will be that the market can operate smoothly on the basis of information that listed companies make publicly available as part of their disclosure of inside information requirements under MAR.

The FCA's discussion paper on the review of the effectiveness of the UK primary markets should be read in conjunction with the consultation paper. Responses to the FCA's proposed rule changes are requested by May 14, 2017. The FCA intends to publish its final rules in a Policy Statement in the second half of 2017.

View the consultation paper. 

View the discussion paper. 

The Financial Conduct Authority launched its review into the effectiveness of primary markets by publishing a discussion paper on the UK primary markets landscape. The FCA is seeking views on how the UK primary capital markets can meet the needs of investors and operate effectively. It includes an overview of the UK's primary markets, how the listing regime fits in, the FCA's regulatory role and key trends in the UK's primary equity markets. 

Read more.

H.R. 1018 was introduced in the US House of Representatives which would alter the current governance structure of the Bureau of Consumer Financial Protection. Like a comparable bill that was introduced in the US Senate (S. 105), H.R. 1018 would replace the role of director of the Bureau with a 5-person commission. Other notable provisions that members of the commission will serve staggered terms, and that no more than 3 members can be from a single political party.

On February 17, 2017, H.R. 1031 was introduced in the US House of Representatives which seeks to repeal the Bureau of Consumer Financial Protection. A corresponding version of the bill, which calls for the Bureau to be eliminated by repealing title X of Dodd-Frank, was introduced in the US Senate (S. 370).

View H.R. 1031.

View H.R. 1018.

Steven T. Mnuchin was sworn in to serve as the 77th Secretary of the US Treasury. In this role, Secretary Mnuchin will be the principal economic advisor to President Trump on domestic and international financial, economic and tax issues. Secretary Mnuchin succeeds Jacob J. Lew, who served in the position under President Obama.

View Treasury’s press release.

Daniel K. Tarullo submitted his resignation as a member of the US Federal Reserve Board, effective on or around April 5, 2017. He has been a member of the Federal Reserve Board since January 28, 2009.

View copy of Tarullo’s resignation letter.

HM Treasury announced that Charlotte Hogg had been appointed Deputy Governor for Markets and Banking at the Bank of England, effective March 1, 2017. Ms. Hogg will take over the role in addition to continuing her current role as Chief Operating Officer of the Bank of England. Ms. Hogg is replacing Minouche Shafik, who is taking up the role of Director at the London School of Economics in September 2017.

View the news release.

The US Federal Reserve Board announced that Scott G. Alvarez, general counsel, will retire later in 2017, after nearly 36 years of service to the Federal Reserve Board. The Federal Reserve Board will begin a search for his successor.

View the Federal Reserve Board press release.

President Trump issued a Presidential Memorandum requiring the US Department of Labor to reconsider its proposed “fiduciary rule,” which subjects many of the investment recommendations from financial advisors to retail retirement clients to ERISA’s fiduciary standards and remedies. The Memorandum directs the Department of Labor to prepare an updated economic and legal analysis of the rule to determine whether, among other things, it may adversely affect the ability of Americans to gain access to retirement information and financial advice.

Read more.

President Trump signed an executive order setting forth “core principles” in the regulation of the US financial system and directing the Treasury Secretary to review and report back to the President within 120 days on the extent to which current government policies promote those principles and recommendations for actions to promote them. The core principles include the following: “prevent taxpayer-funded bailouts”; “foster economic growth and vibrant financial markets through more rigorous regulatory impact analysis that addresses systemic risk and market failures, such as moral hazard and information asymmetry”; “enable American companies to be competitive with foreign firms in domestic and foreign markets”; “advance American interests in international financial regulatory negotiations and meetings”; and “restore public accountability within Federal financial regulatory agencies and rationalize the Federal financial regulatory framework.”

View Shearman & Sterling publication on the Trump executive order.

View executive order text.

The US Senate Finance Committee approved the nomination of Steven Mnuchin to serve as Secretary of the Treasury, overruling an attempt by Senate Democrats to stall the nomination vote by boycotting the committee hearing by temporarily suspending committee rules that require at least one Democratic committee member to be present to conduct business. The full US Senate is expected to vote on his nomination the week of February 6th.

View results of the Senate Finance Committee vote.

Representative Patrick McHenry (R-NC) issued a letter to Federal Reserve Chair Janet Yellen, calling on the Federal Reserve to cease negotiating “binding” international financial regulatory standards in such forums as the Financial Stability Board and the Basel Committee “until President Trump has had an opportunity to nominate and appoint officials that prioritize America’s best interests.” Rep. McHenry serves as Chief Deputy Whip in the US House of Representatives and as Vice Chairman of the Financial Services Committee of the US House of Representatives.

View text of Rep. McHenry’s letter.
 

The Chief Operating Officer of the US Securities and Exchange Commission, Jeffrey Heslop, announced that he will depart the agency in February. Kenneth Johnson, SEC Chief Financial Officer, will become the Acting COO.

Acting Chairman of the US Commodity Futures Trading Commission Giancarlo announced that the CFTC’s General Counsel, Jonathan L. Marcus, is leaving the agency. Mr. Marcus joined the agency in 2011 as Deputy General Counsel for Litigation, and was promoted to General Counsel in 2013. Robert A. Schwartz, currently the Deputy General Counsel for Litigation and Adjudication, will become the Acting General Counsel.

On January 27, 2017, Acting Chairman Giancarlo announced several additional staff changes at the Commission:

-            Amir Zaidi has been appointed to lead the Division of Market Oversight.

-            Vincent McGonagle has been named as the Acting Director for the Division of Enforcement.

-           Jeffrey Bandman will step down from his role as Acting Director of the Division of Clearing and Risk to become an advisor on issues related to Financial Technology (FinTech). John Lawton, a 36-year employee of the Commission, has taken over as Acting Director of the Division of Clearing and Risk.

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued a statement in which he criticized the Dodd-Frank Wall Street Reform and Consumer Protection Act for institutionalizing big bank bailouts. He noted that Republicans on the Financial Services Committee are eager to work with President Trump and the new administration to replace the Dodd-Frank Act with his draft legislation, The Financial CHOICE Act. Additionally, Chairman Hensarling announced subcommittee assignments for Republican members on the House Financial Services Committee.

View statement.

View the subcommittee assignments.