H. R. 1603 seeks to dismantle the Bureau of Consumer Financial Protection by repealing the Consumer Financial Protection Act of 2010. If this bill becomes law, the existing laws that were changed or nullified by the 2010 Act will be restored to their previous condition,...
Simple Explanation
H. R. 1603 is like hitting a big undo button that would get rid of a group called the Bureau of Consumer Financial Protection, which helps people make sure their money is safe. If this happens, old money safety rules would come back, but it might cause some confusion about which rules are actually in use.