House GOP on track to undoing post-2008 financial rules

"It will be the culmination of a lot of good work by a lot of good people".

One of the biggest pieces of legislation enacted during the two terms of President Barack Obama, Dodd-Frank was created to prevent the type of practices that led to the 2008 financial crisis and the recession it caused.

The Republican bill would take away the consumer bureau's ability to monitor financial firms to ensure they are following laws, a key part of Dodd-Frank, the Los Angeles Times reported. "We're losing a community bank or credit union a day".

Republicans say many requirements imposed under what is known as the Dodd-Frank Act, named after its Democratic sponsors, have harmed economic growth by making it harder for consumers and businesses to get loans.

The GOP proposal would also bar the Federal Deposit Insurance Corp. from overseeing the so-called living will process, which requires banks to write up plans on how they would safely be unwound in the event of a collapse.

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

"Instead of protecting consumers, Republicans choose to help those who try to cheat consumers", House Minority Leader Nancy Pelosi said Thursday.

The U.S. Senate is not expected to take up the bill in its entirety, even though it has the backing of President Donald Trump, largely because of the threat that Democrats will use a filibuster to stall it. A prolific consumer of finance-industry donations, Hensarling had previously lobbied the president to roll back two Obama-era financial regulations through executive action: one that barred retirement advisers from putting their own financial interests above those of their clients, and another limiting how much interest payday lenders could charge the working poor. He said it was unlikely that changes to the CFPB would make it into any bill that would pass.

But opponents, which include community banks and other financial institutions, say it created an overly complex set-up that has inhibited growth, particularly for small businesses.

Heavy rains fall as ships, locals search Myanmar crash site
Five military were killed in February a year ago when an air force aircraft crashed in the capital, Naypyitaw, media reported. The plane carried 122 people, with most of the passengers being relatives of military personnel.

Those reforms were meant to rein in risky financial activity that led to a global financial meltdown. The amendment he offered Thursday was the first of his to pass the chamber.

"I still think he has high hopes of putting together a companion legislation", said Hensarling. "What a package would look like I don't necessarily know", he said, referring questions to Crapo.

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

The Thursday vote was split mostly among party lines, with 233 Republicans voting in favor of the bill and only one Republican voting against it. GOP senators now hold 52 seats in the Senate.

"The talking points sound great - until you read the legislation", said Rep. Dan Kildee (Mich.), the second-ranking Democrat on the Financial Services Committee.

To become law, the bill will have to be passed in the Senate. Republicans hold just a four-vote majority. Republicans have long complained that the law stifled the economy because it put too large a regulatory burden on business.

Dodd-Frank has proven to be a frightful act of legislation.

Peter Wallison, a scholar at the American Enterprise Institute, explained in his book Hidden in Plain Sight that lack of banking regulations caused the financial crisis, and that Dodd-Frank was a solution in search of a problem.

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