The House is poised to approve a bill gutting the Dodd-Frank banking law


On Thursday, the House will vote on the Financial Choice Act, a Republican bill that would repeal much of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, and it is expected to pass along party lines, with no Democratic support. The bill would lift regulations put in place to prevent another banking collapse, like those in the 2008 financial crisis, because Republicans argue they have hampered lending and economic growth.
The Financial Choice Act would give the president the ability to fire the head of the independent Consumer Financial Protection Bureau, a consumer watchdog agency set up under Dodd-Frank, and give Congress control over its budget, allowing lawmakers to zero-out its funding. The president would also gain the power to fire the head of the Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae. The bill frees some banks from risk-aversion rules, and changes how Dodd-Frank handles banks' living wills, or plans to unwind systemically important financial institutions. House Speaker Paul Ryan on Wednesday called the legislation "the crown jewel" of the House GOP's deregulation push. It is not expected to pass the Senate without major changes.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
New York plans first nuclear plant in 36 years
Speed Read The plant, to be constructed somewhere in upstate New York, will produce enough energy to power a million homes
-
Supreme Court clears third-country deportations
Speed Read The court allowed Trump to temporarily resume deporting migrants to countries they aren't from
-
Trump says Iran and Israel agreed to ceasefire
Speed Read This followed a night of Israeli airstrikes on Tehran and multiple waves of missiles fired by Iran
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores