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.
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