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House votes to roll back post-2008 financial rules

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The House passed the Financial CHOICE Act 233-186, along party lines.

Democrats have warned the Republican counter bill would jeopardize financial sector oversight. Instead, the Senate is more interested in a broad-based bipartisan bill that focuses on economic growth and could include some financial regulation reform, NBC News has reported.

The bill would repeal a rule that bans banks from engaging in trading for their own profit using federally-insured deposits, or forming certain relationships with private equity funds.

President Donald Trump, however, promised during his campaign he would roll back some of the Obama-era regulations on finance, banking and energy to boost economic growth. They argue that Dodd-Frank, which became law after the 2008-09 economic meltdown, has brought financial security to millions of Americans and that undoing it will encourage the kind of risky lending practices that invites future economic shocks. One Republican voted against the measure.

Dodd-Frank became law after the financial crisis of almost a decade ago, the result of irresponsible lending and banking practices.

The Consumer Federation of America denounced the measure as "a deregulatory wish-list from special interests that repeals numerous significant achievements in the Dodd-Frank Act".

"The CHOICE Act would lead our nation in the wrong direction, further skewing our public policies towards the interests of top donors and away from the needs of working families and people of color as a whole", Demos associate policy director Amy Traub said in a statement prior to the vote.

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"Hopefully, the nightmare of Dodd-Frank will be gone soon", Hensarling, a Texas Republican, said in an interview Thursday. The bill will be especially useful for smaller, community banks who have traditionally lent money to small business startups.

What does the Financial Choice Act do? Speaker Paul RyanPaul RyanEx-GOP rep: Ryan's impeachment claim about Trump "isn't true" Tom Brokaw: "Trump ran as a big time exec, not as an apprentice" Trump praises House vote to dismantle Dodd-Frank MORE (R-Wis.) and GOP leaders touted the bill before Thursday's vote.

Crapo has vowed to work with all stakeholders, including the Trump White House and regulators, "to strike a balance" in achieving smart regulation that spurs the US economy. In exchange, such banks would gain exemptions or eased requirements for "stress tests" to assess their ability to withstand a downturn and for their plans to reshape themselves if they failed.

"We see free checking cut in half at banks". "This is a big step forward in the necessary reform of Dodd-Frank's onerous efflorescence of regulatory bureaucracy". We wont let Wall Street crush our economy again, ” Sen.

Even though some Democrats recognize there are some problems with Dodd-Frank, they are unified in opposing the Choice Act.

Require an audit of all operations of the Federal Reserve.

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