The House Financial Services Committee will begin a markup of Chairman Jeb Hensarling's (R-Texas) overhaul of the financial regulatory system on Sept. 13, the committee announced Thursday.

Known as the Financial CHOICE Act, the legislation would repeal much of Dodd-Frank.

While the legislation is very unlikely to become law this year, the proposal may serve as the starting point for debate next year. Several of the proposal's controversial provisions have been included in House appropriations measures, but have been rejected by the Senate.

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