CHOICE Act

Hozzl · 2022-12-30T07:33:59Z

Explore the details of House Bill 5777 CHOICE Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

12/30/2022, 7:33 AM

Summary of Bill HR 5777

The CHOICE Act, also known as Bill 117 hr 5777, is a piece of legislation introduced in the US Congress that aims to reform the financial regulatory system. The bill was introduced by Representative Jeb Hensarling and has garnered significant attention and debate.

The main goal of the CHOICE Act is to repeal and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed in response to the 2008 financial crisis. The bill seeks to reduce government involvement in the financial sector and promote economic growth by rolling back regulations on banks and other financial institutions.

Some key provisions of the CHOICE Act include: 1. Repealing the Volcker Rule, which restricts banks from making certain types of speculative investments. 2. Repealing the Consumer Financial Protection Bureau (CFPB) and replacing it with a new agency called the Consumer Financial Opportunity Commission. 3. Requiring banks to hold more capital to protect against financial losses. 4. Providing regulatory relief for community banks and credit unions. Supporters of the CHOICE Act argue that it will promote economic growth and reduce the burden of regulations on financial institutions. Critics, however, argue that rolling back regulations could lead to another financial crisis and harm consumers. Overall, the CHOICE Act is a controversial piece of legislation that has sparked intense debate in Congress and among financial experts. Its fate remains uncertain as lawmakers continue to discuss and negotiate its provisions.

Congressional Summary of HR 5777

Connecting Higher Opportunities In College Education Act or the CHOICE Act

This bill makes certain job training programs eligible for federal student aid.

To be eligible, a program must (1) provide at least 150 clock hours, 4 semester hours, or 6 quarter hours of instructional time over a minimum of 8 weeks; (2) have verified completion and placement rates meeting a minimum standard; and (3) provide training aligned with high-skill, high-wage, or in-demand industry sectors or occupations in the state or local area in which the program is provided.

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Current Status of Bill HR 5777

Bill HR 5777 is currently in the status of Bill Introduced since October 28, 2021. Bill HR 5777 was introduced during Congress 117 and was introduced to the House on October 28, 2021. Bill HR 5777's most recent activity was Referred to the House Committee on Education and Labor. as of October 28, 2021

Bipartisan Support of Bill HR 5777

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5777

Primary Policy Focus

Education

Alternate Title(s) of Bill HR 5777

CHOICE ActCHOICE ActConnecting Higher Opportunities In College Education ActTo amend the definition of eligible program under the Higher Education Act of 1965 for the purposes of eligibility for Federal financial aid.

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