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.
Sign up for Today's Best Articles in 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.
-
Global court issues arrest warrant for Netanyahu
Speed Read The International Criminal Court issued warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant, who stand accused of war crimes
By Peter Weber, The Week US Published
-
Gaetz bows out, Trump pivots to Pam Bondi
Speed Read Gaetz withdrew from attorney generation consideration, making way for longtime Trump loyalist Pam Bondi
By Rafi Schwartz, The Week US Published
-
'The double standards don't trouble the critics'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published