Family Office Technical Correction Act of 2017

Bill 115 hr 3972, also known as the Family Office Technical Correction Act of 2017, is a piece of legislation that aims to make technical corrections to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill specifically focuses on exempting family offices from certain regulations that were unintentionally imposed on them by the Dodd-Frank Act.

Family offices are private wealth management advisory firms that serve ultra-high-net-worth individuals and their families. These offices provide a range of services, including investment management, financial planning, and estate planning. The Dodd-Frank Act, which was passed in response to the 2008 financial crisis, imposed certain reporting requirements and regulations on financial institutions to increase transparency and accountability.

However, family offices were inadvertently caught up in these regulations, despite not being the intended target of the legislation. The Family Office Technical Correction Act of 2017 seeks to rectify this oversight by exempting family offices from certain reporting requirements and regulations that do not apply to them. Overall, the bill aims to provide regulatory relief to family offices, allowing them to continue serving their clients without unnecessary burdens. It is important to note that this bill is non-partisan and focuses solely on technical corrections to ensure that family offices are not subject to regulations that were not meant for them.