Daniel Webster applauds passage of bill that would reverse Dodd-Frank regulations


Dodd-Frank was signed into law by President Barack Obama in July 2010 to further regulate the country's financial system and protect investors after the financial crisis.

The House passed the Financial CHOICE Act 233-186, along party lines. The bill seeks to undo significant parts of the 2010 financial reform law.

Even experts on financial regulation who were critical of Dodd-Frank found little to applaud in Hensarling's bill.

Paul Ryan, speaker in the House, said: "This is a jobs bill for Main Street".

Support for The Financial Choice Act comes from community banks, credit unions, taxpayer protection advocates and veteran's groups, according to Knight.

"Dodd-Frank regulations disproportionately burden small companies and prevent them from competing", he said.

The bill gives the President more oversight over the Consumer Finance Bureau, while removing numerous restrictions over the banks created by Dodd-Frank. They're anxious about regulators being too weak and being too afraid to take on the big guys. It heightened bank capital requirements and bank stress tests.

The American Bankers Association applauded the House vote, saying the bill would "fix financial rules that are holding back the USA economy, and doing little to enhance safety and soundness". With the bill's passage, the fight for regulatory reform now shifts to the Senate.

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Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form.

"The House Republicans are ramming through a bill...to roll back Wall Street reform and gut the CFPB". Crapo has been working closely with his counterpart Sherrod Brown, a top Democrat on the panel, to find common ground. "I hope they will do so quickly". "What a package would look like I don't necessarily know", he said, referring questions to Crapo. GOP senators now hold 52 seats in the Senate. The Senate is less motivated to pass a repeal of the financial oversight legislation.

"With the majority that they have in the House and the Senate and President Trump, this is their big opportunity to deregulate, deregulate, deregulate - and they're going to go for it", she said.

West Virginia's representatives - David McKinley, Alex Mooney and Evan Jenkins - voted for the legislation, joining most Republicans.

Require an audit of all operations of the Federal Reserve.

"Of all the regulations that were imposed on our economy in the Obama era, Dodd-Frank was the worst".

Included in the bill is a "regulatory off-ramp" for larger institutions subject to DFA's heightened prudential standards and Basel III's capital and liquidity standards, provided those institutions elect to maintain a 10 percent non-risk weighted leverage ratio. He will oversee more than 1,000 lenders, including big Wall Street banks.