The House on Thursday passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, a bill that replaces much of the Dodd-Frank post-2008 crisis financial regulations. Early indications are that the Senate version may leave much of the Volcker rule intact while helping lift some of the regulations said to be hampering small- and medium-sized banks from lending.
Hensarling, speaking to reporters in Washington Thursday, said Crapo could try to attach changes to Dodd-Frank to a must-pass bill, such as legislation that funds the government.
The House passed the Financial Choice Act repealing multiple measures enacted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Senators have said they'll spend the next few months trying to find common ground on legislation created to boost the economy.
Trump and other Republicans have long complained that Dodd-Frank saddled business with burdensome regulations that stunted economic growth; Trump famously noted during the campaign that friends of his couldn't get loans, supposedly due to the minimal regulations put in place after the financial meltdown.
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Former Congressman Barney Frank, the namesake of the bill along with Senator Christopher Dodd, admits that in some cases, the bill was too restrictive on small banks.
The bill still faces an uphill battle in the Senate, where it must receive some Democratic support to pass. They argue that Dodd-Frank has brought financial security to millions of Americans and that undoing it will encourage the kind of risky lending practices that invites future economic shocks.
"Unrestrained greed on Wall Street caused a preventable disaster because at no point did anyone say: This is simply wrong", Crist said before the House approved the measure. The bill guts every essential element of the Wall Street reform law meant to protect Americans and the economy, and to keep big banks from running amok. The vote was along party lines except for one Republican, Rep. Walter Jones of North Carolina, who voted against the bill.
In addition, the legislation reins in the Consumer Financial Protection Bureau (CFPB) to empower all Americans to achieve financial independence.
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"Every promise of Dodd-Frank has been broken", Hensarling said in a statement.
"We see free checking cut in half at bank".
The bill would also weaken the Consumer Financial Protection Bureau and scrap the Labor Department's fiduciary rule that requires brokers to act in the best interest of their clients when giving investment advice. He said: "The Dodd-Frank Act has had a lot of bad consequences for our economy, but most of all in the small communities across our country". "They're harder to come by and they cost hundreds of dollars more to close".
The proposed legislation takes aim at the current law's restrictions on financial institutions, by qualifying those that meet capital and liquidity requirements for regulatory relief.
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The financial crisis of 2008 sent shockwaves through the USA economy. Democrats disagree, claiming that Dodd-Frank is needed to prevent a repeat of the calamity that occurred during the past year of the younger Bush's administration.