House GOP backs bill to undo much of Dodd-Frank

WASHINGTON (AP) — The Republican-led House has backed legislation to undo much of former President Barack Obama’s landmark banking law created after the 2008 economic crisis.

Republicans argue that rules designed to prevent another meltdown were making it harder for community banks to operate and hampering the economy.

The House has passed the bill 233-186.

President Donald Trump had said he wants to do “a big number” on what is known as the Dodd-Frank Act.

Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. 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 repeal bill. They say it could lead to conditions that would result in another economic crisis.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

1 Comment

  • Chris

    Millennials, you are under attack. The person selling you a loan no longer has to tell you about the cheaper loan where loan officer makes less. Republicans are going to raise the debt ceiling which means they have to find people to loan money. Be careful, if the rate is adjustable or high your not ready.