Dodd-Frank under fire

The House of Representatives quietly passed a sweeping bill to undo financial regulations put in place by the Dodd-Frank Act. What now?

The Wall Street bull.
(Image credit: REUTERS/Brendan McDermid)

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Republicans are doggedly chasing their dream of undoing Wall Street reforms, said Alan Rappeport at The New York Times. While the rest of the political world was glued earlier this month to former FBI Director James Comey's Senate testimony, the House of Representatives quietly passed a sweeping bill to undo financial regulations put in place by the 2010 Dodd-Frank Act. The so-called Financial Choice Act would exempt banks from most of Dodd-Frank's rules as long as they keep a big enough cash cushion to protect against potential economic shocks. The Volcker Rule, which restricts big banks' ability to make risky financial bets, would be repealed, and banks would be subjected to fewer stress tests. The bill has almost no chance of surviving the Senate in its current form, "because of the slim majority that Republicans hold" there. But the GOP has made it clear that it intends to unwind Dodd-Frank, saying the reforms have "strangled small businesses and stagnated the economy."

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