The House Financial Services Committee passed the updated version of the Financial CHOICE Act, which includes a new provision that lets the president fire the director of the Federal Housing Finance Agency at will and makes Congress responsible for setting the agency’s budget. The CHOICE Act 2.0 removed the original text, which recommended restructuring the agency to a five-member board. So while the current single-directorship structure would be maintained, the FHFA director can be asked to vacate the position by the president at any time. FHFA Director Mel Watt’s five-year term ends in early 2019. The provisions in this Republican bill would make widespread changes to the Dodd-Frank Act, but...