An overhaul of the Dodd-Frank Act proposed by House Financial Services Chairman Jeb Hensarling would put roadblocks in the way for the Securities and Exchange Commission to adopt a uniform fiduciary standard for investment advisors and broker-dealers.

The legislation would also eliminate the requirement, first imposed by Dodd-Frank, that private fund advisors register with the agency.

Hensarling’s bill, as well, would double the maximum fines the SEC could impose on advisors in administrative proceedings.

Advisors found guilty of fraud in a criminal, civil or administrative judgement could be subjected to triple fines.

Persons charged in SEC administrative actions could require the enforcement proceedings be moved to civil court.

The measures are in a discussion draft of Hensarling’s Financial CHOICE Act released late Thursday as Congress was leaving for a vacation.

Hensarling said the Committee will debate and vote on the CHOICE Act soon after Labor Day, which in a presidential election year is typically a time for light legislating and heavy politicking.

The CHOICE Act is more of an election season manifesto than a bill with a serious chance of becoming law like Dodd-Frank was.

Any attempt to weaken consumer protection laws would certainly be met by a presidential veto that Republicans could not gain enough votes to override. This is exactly what happened with their efforts to void the Labor Department’s fiduciary rule.

Hensarling has said a major reason for introducing the CHOICE Act six years after Dodd-Frank was enacted is to follow House Speaker Paul Ryan’s resolve to show the GOP has a wealth of ideas to govern in addition to opposing the policies of the Obama Administration.

Under Hensarling’s bill, before the SEC could impose a uniform fiduciary standard for investment advisors and broker-dealers, the agency would have to tell Congress if the existing differences in the standards of care harm retail investors.

It also mandates the SEC tell Congressional overseers if alternative means of reducing the harm would not work, including simplifying titles for broker-dealers and advisors and greater disclosure requirements for both groups.

In addition, before imposing a uniform fiduciary standard, the SEC would have to divulge whether it thinks the standard would reduce brokerage commissions and the availability of their proprietary products to investors and if the rules would reduce the ability of broker-dealers to engage in principal transactions with customers.

The SEC would also be required to state whether a uniform standard would adversely impact the availability of personalized and cost-effective advice to retail investors.

The findings would have to be supported by economic analysis.

Additionally, the legislation requires the SEC’s accredited investor thresholds be adjusted for inflation every five years using the Bureau of Labor Statistic’s Consumer Price Index for All Urban Consumers as the standard.

Items focusing on financial advisors constitute a small portion of the 498-page bill, which goes into much more length attempting to end too-big-to-fail and making it easier for businesses to raise capital.