The Week Ahead: Taking a Look at the Financial CHOICE Act

On Tuesday at 10 a.m. EST, the Financial Services Committee will meet for the markup of the Financial CHOICE Act. Financial Services Committee Chairman Jeb Hensarling (R-Texas) had introduced the Financial CHOICE Act on Wednesday of last week as an alternative to the Dodd-Frank act.

“The Financial CHOICE Act guarantees that the era of big bank bailouts and ‘too big to fail’ is over. For banks that fail, there will be bankruptcy, not bailouts,” said Chairman Hensarling. “In order to qualify for much-needed regulatory relief, financial institutions will have to be so well-capitalized that they pose no threat to hardworking taxpayers or to our economy.”

The CHOICE act announcement came alongside Wednesday’s tax reform plan announcement, which calls for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction. Treasury Secretary Steven Mnuchin called the reform the “The biggest tax cut and largest tax reform in history of this country.”

Also, this week, congress will vote on a federal funding bill. On Friday, Congress extended the funding deadline for another week with a vote of 382-30, avoiding a government shutdown over the weekend. The Associated Press (AP) stated that Congress plans on passing the complete funding package sometime this week, which will finance the federal government $1 trillion through September 30, the end of the fiscal year.

“We’re willing to extend things for a little bit more time in hopes that the same sort of progress can be made,” Senate Minority Leader Charles E. Schumer (D-New York) told The Washington Post on Friday morning.

A government shutdown would have slowed the mortgage process and even prevented some buyers from closing, as access to tax information and social security would have been halted during the shutdown.

This Week’s Schedule

Census Bureau Construction Spending report for March, Monday, 10:00 a.m. EST

AEI National and State Mortgage Risk Indices Update Conference Call, Monday, 11 a.m. EST

Collingwood Managing Director Tom Booker joins Jim Bohannon Radio show, Monday, 11 p.m. EST

Freddie Mac to Release Q1 Financial Results, Tuesday, 9 a.m. EST

MBA Mortgage Applications, Wednesday 7 a.m. EST

Freddie Mac Weekly Mortgage Survey, Thursday, 10 a.m. EST

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