House passes bill to roll back regulations on big banks

House passes bill to roll back regulations on big banks

House passes bill to roll back regulations on big banks

"Wall Street and the big banks don't like the Financial CHOICE Act - in fact they fought against the bill, its consumer reforms and increased accountability".

While former Federal Bureau of Investigation director James Comey's testimony gripped most of the nation, Republicans voted to repeal a significant piece of Obama-era banking legislation.

The bill passed the House of Representatives yesterday with 233 votes to 186.

Rep. Jeb Hensarling, the Republican from Texas, chair of the House Financial Services panel and author of the legislation, said Dodd-Frank is a major factor in limiting GDP growth in the wake of the financial crisis.

The Dodd-Frank was passed as a consumer protection act in mid-2010 in response to the financial crisis - known as The Great Recession - which led to 165 failed financial institutions.

Senate Democrats, whose votes will probably be needed to adopt it, have repeatedly said they have little interest in revisiting Obama-era constraints on Wall Street that were meant to make the financial system safer.

Hensarling, speaking to reporters in Washington Thursday, said Crapo could try to attach changes to Dodd-Frank to a must-pass bill, such as legislation that funds the government. Next week the Treasury Department is expected to release the first in a series of reports on lightening financial rules and re-interpreting Dodd-Frank provisions. "The financial crisis exposed a broken regulatory system allowing Wall Street to gamble with Main Street's future".

Trump won't block Comey testimony, White House says
White House press secretary Sean Spicer said Friday the decision by the White House counsel's office hasn't been made yet. Trump told NBC News he fired Comey in part because of the "Russia thing", which he called a "made-up story".

"The very conservative Republicans in the House. this is their show", he said.

Surprisingly, one of Dodd-Franks biggest proponents, Barney Frank, for whom the law is named, agreed that a particular aspect of the legislation was in fact over-burdensome; it's effect on small community banks. Democrats disagree, claiming that Dodd-Frank is needed to prevent a repeat of the calamity that occurred during the previous year of the younger Bush's administration.

Financial stocks soared after the vote, which some say could push Republicans in the Senate to pursue more aggressive reform.

U.S. Senator Kamala Harris (D-California) called the passage of the bill "disgraceful" on Friday, while U.S. Senator Dianne Feinstein (D-California) has previously described rollbacks to the Dodd-Frank Act as "dangerous".

It also restructures and largely dismantles the Consumer Financial Protection Bureau, created under Dodd-Frank to guard individuals against fraud in lending.

Democrats disagree, saying the bill has important merits in consumer protection regulations.

The GOP-controlled House was on track to vote for legislation that would wipe away much of the financial law created to head off economic meltdowns like the one that caused millions of Americans to lose their jobs and homes during the 2008-09 collapse.

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