House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis.
In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules.
The legislation is the brainchild of House Financial Services Committee Chairman Jeb Hensarling, R-Texas.
“Dodd-Frank represents the greatest regulatory burden on our economy, more so than all the other Obama-era regulations combined,” Hensarling told reporters Wednesday. “There is a better way: economic growth for all; bank bailouts for none.” Read More