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Benedicte Gravrand, Opalesque Geneva:

After three days of debate, the House Financial Services Committee narrowly voted yesterday to approve a Republican bill called the Financial CHOICE Act, that would replace about 40 provisions of the 2010 Dodd-Frank Act. Democrats had managed to slow the approval process by introducing more than a dozen amendments. But the committee voted them down. The CHOICE Act now heads to the House floor.

The GOP (Republican) bill would transform the Consumer Financial Protection Bureau into a 'Consumer Law Enforcement Agency' which would have less enforcement authority. It would also scrap Dodd-Frank's bank resolution mechanism and replace it with bankruptcy provisions. And it would exempt banks from federal regulations if they meet a 10% leverage ratio.

Many of the changes would impact how the SEC conducts investigations and brings enforcement proceedings, reported web publisher Law360. Provisions reforming the agency's enforcement program, and requiring extensive economic analysis of current and future laws show Congress wants to keep a closer watch on the Wall Street watchdog, experts say.

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