House Republicans Quietly Gut Dodd-Frank Protections

Congressman Daniel Webster is applauding the passage of the Financial Choice Act.

Democrats suggested they would modify Dodd-Frank, but said the Republican bill presented too sweeping an overhaul of the original legislation.

"That is a highly sensitive issue with Democrats, and [the Republicans] need 60 votes". The bill would eliminate numerous provisions of the Dodd-Frank Act that tightened rules on banks in an effort to ward off another financial crisis. It's called the Financial CHOICE Act.

Repeal the "too big to fail" procedures designed to unwind large investment banks in the event of a meltdown, out of concern that their immediate closure would create instability in the financial industry.

Increased accountability: The bill is also created to require accountability from Wall Street by imposing enhanced penalties for financial fraud and self-dealing, while promoting greater transparency.

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Fourteen of California's 53 representatives in the House voted against the bill, helping it pass the House with 233 votes in favor and 186 dissenting votes.

The non-partisan Congressional Budget Office estimated that the bill would reduce federal deficits by $24.1 billion over the 2017-2027 period.

"Hopefully, the nightmare of Dodd-Frank will be gone soon", Hensarling, a Texas Republican, said in an interview Thursday.

McKinley added the act would prevent taxpayers from paying for bank bailouts and the Consumer Financial Protection Bureau would be more accountable in protecting consumers.

Hensarling, the Financial Services Committee chairman since 2013, has been the lead architect of the GOP's efforts to strip Dodd-Frank regulations.

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Hensarling's bill would also eliminate orderly liquidation authority - the process through which the federal government takes over and dismantles a major bank before it collapses - and place strict limits on the Consumer Financial Protection Bureau (CFPB).

Supporters say the bill, dubbed the Financial CHOICE Act, provides a simpler alternative to the oversight measures known as the Dodd-Frank Act, which passed in the wake of the financial crisis. They said changing the independent CFPB would make the agency more accountable to lawmakers.

"Much of the language in Dodd-Frank is vague and gives a lot of discretion to regulators on how they write the rules so, over time, I expect the Trump administration will amend some of the Dodd-Frank rules", said Brian Gardner, a policy analyst with Keefe, Bruyette & Woods, in a podcast.

To become law, the bill will have to be passed in the Senate. "It stands for economic growth for all, but bank bailouts for none", he said.

The Senate is not expected to take up the bill in its entirety, even though it has Trump's backing.

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