Maloney, who represents sections of Manhattan in New York City, said Hensarling’s bill would make it easier for banks to abuse consumers.
At the same time, Waters said the Choice Act would harm consumers by tearing down the CFPB and through voiding the Department of Labor’s fiduciary rule and stopping the Securities and Exchange Commission from developing a replacement.
Hensarling countered by claiming the Choice Act would hold Wall Street more accountable than Dodd-Frank.
The anticipated two-day session ended up being less than two hours when Democrats dropped plans to offer a myriad of amendments.
The same scenario played out when Dodd-Frank was ready to be voted on in the Democrat-controlled Senate Banking Committee six years ago and Republicans surprised onlookers by failing to present amendments for a vote.