House votes to weaken Obama-era bank crackdown law

House votes to weaken Obama-era bank crackdown law

House votes to weaken Obama-era bank crackdown law

Dodd-Frank was introduced in the wake of the financial crisis in 2008 in order to get a grip on risky derivatives products such as residential mortgage-backed securities, which were blamed for the near collapse of the global banking system.

The U.S. House of Representatives voted Thursday to eliminate parts of the financial reform legislation passed following the 2008 economic crisis.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas), who introduced the FCA, said that the legislation is created to help community banks and small businesses. 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.

"We will replace bailout with bankruptcy". Numerous regulations that were created in response to the financial crash have hindered economic growth, including Dodd-Frank and the decision to put Fannie Mae and Freddie Mac under government conservatorship.

The Financial CHOICE Act has garnered support from business groups and free-market advocates.

In the letter, the 20 top attorneys said the CFPB "emerged as the independent federal consumer watchdog the national has long needed, and as a key partner in critical important consumer protection work" undertaken by individual states.

U.S. Sen. Sherrod Brown of OH, the top Democrat on the Senate committee that oversees banking laws, said the proposal would gut the Consumer Financial Protection Bureau, which has returned nearly $12 billion to 29 million Americans who were cheated by shadowy debt collectors, for-profit schools, and payday lenders. "We won't let Wall Street crush our economy again".

The legislation is the brainchild of House Financial Services Committee Chairman Jeb Hensarling, R-Texas.

Frank says his namesake financial reform law has been too restrictive on smaller banks.

To become law, the bill will have to be passed in the Senate.

"This legislation would put an end to the disastrous, overreaching Dodd-Frank law that did nothing to end "too big to fail" and devastated our community bankers in the process", Comer said.

However, Democrats said the bill would bring about an economic catastrophe by eliminating vital regulations on the financial system. One Republican voted against the measure.

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 USA economy.

Democrats have dubbed the bill the "Wrong Choice Act". GOP senators now hold 52 seats in the Senate. Rather, they expect the upper chamber to advance a separate regulatory relief bill of their own. Now it's the Senate's turn to take up financial reform.

Senate Republicans will have two options to advance President Trump's promise to dismantle the "horrendous" Dodd-Frank law.

Democratic lawmakers overwhelmingly oppose the bill, which also faces major obstacles in the Senate.

Exempt large banks with high cash levels from Dodd-Frank's liquidity requirements.

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