The Republican-led House passed backed legislation on Thursday to undo much of former President Barack Obama’s landmark banking law, known as Dodd-Frank, created after the 2008 economic crisis.
Republicans argued that the law, designed to prevent another financial meltdown, made it harder for community banks to operate and hampered the economy. The GOP measure aims to lighten federal regulation of banks and also to sap the power of the Dodd-Frank-created Consumer Financial Protection Bureau, which it calls a “rogue agency.”
The House has passed the overhaul bill 233-186, on a party-line vote.
President Donald Trump had said he wants to do “a big number” on Dodd-Frank.
Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Republicans edge in the upper chamber is more narrow, 52-48, than is the case in the House. Senators have said they’ll spend the next few months trying to find common ground on legislation to boost the economy.
Democratic lawmakers overwhelmingly oppose the GOP’s revamping bill. They say it could lead to conditions that would result in another economic crisis.
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