A street sign for Wall Street is seen outside the current York Stock Exchange (NYSE) in Manhattan,current York City. Photo by Andrew Kelly/ReutersWASHINGTON — 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.
RELATED LINKSGOP House panel takes first step to intestine Dodd-Frank law Is Dodd-Frank lost some vital regulatory firewalls? Trump names Wall Street lawyer Clayton as SEC chairman 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 finish “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.
WATCH: Barney Frank takes on Bernie Sanders and the ‘too big to fail’ argumentThe post House GOP passes bill to roll back Dodd-Frank regulations appeared first on PBS NewsHour.
Source: thetakeaway.org