May 5, 2017
A Republican-led House panel voted to overhaul the Dodd-Frank legislation enacted by Democrats and signed by President Obama following the 2008 financial crisis and the Great Recession. The House Financial Services Committee moved to gut much of the law that is viewed as too strict by Republicans.
The bill would repeal about 40 provisions of the Dodd-Frank Act.
Republicans say Dodd-Frank is slowing economic growth due to the cost of compliance and by curbing lending. Democrats argue that the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.
The bill now goes to the Republican-dominated House for a vote, and potentially to the Senate, where the path to a White House signature gets stickier because Democratic support will be needed.
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Photo Charles Dharapak/AP