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H.R. 5983 (114th): Financial CHOICE Act of 2016

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About the bill

Shortly after the Great Recession of 2008, the worst economic hit since the Great Depression, a newly-elected President Obama worked with a Democratic-controlled Congress to craft and pass a financial services reform bill: the Dodd-Frank Wall Street Reform and Protection Act. Dodd-Frank aimed to “reign in” the behavior of the big banks that Democrats believed caused the financial crisis. It was passed with only 3 votes from Senate Republicans and 3 votes from House Republicans.

Republicans contend that Dodd-Frank created onerous new regulations that hampered small businesses and that it unduly restricted the large financial institutions. Six years after the enactment of Dodd-Frank, Republicans have introduced a counter-proposal: the Financial CHOICE Act, H.R. 5983, introduced by House Financial Services Committee Chair Rep. Jeb Hensarling (R-TX5). CHOICE stands for …

Sponsor and status

Jeb Hensarling

Sponsor. Representative for Texas's 5th congressional district. Republican.

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Last Updated: Dec 20, 2016
Length: 504 pages
Sep 9, 2016
114th Congress (2015–2017)
Died in a previous Congress

This bill was introduced on September 13, 2016, in a previous session of Congress, but it did not receive a vote. Provisions of this bill were incorporated into other bills.

Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).

Provisions of this bill also appear in:

H.R. 3784: SEC Small Business Advocate Act of 2016
Enacted — Signed by the President on Dec 16, 2016. (compare text)

5 Cosponsors (5 Republicans)



Sep 9, 2016

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

Sep 13, 2016
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Dec 20, 2016
Reported by House Committee on Financial Services

A committee issued a report on the bill, which often provides helpful explanatory background on the issue addressed by the bill and the bill's intentions.

H.R. 5983 (114th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number H.R. 5983. This is the one from the 114th Congress.

This bill was introduced in the 114th Congress, which met from Jan 6, 2015 to Jan 3, 2017. Legislation not passed by the end of a Congress is cleared from the books.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 5983 — 114th Congress: Financial CHOICE Act of 2016.” 2016. January 28, 2023 <>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from, the official portal of the United States Congress. is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.