House Republicans Move to Gut Bank Regulations -
By ALAN RAPPEPORTMAY 5, 2017
WASHINGTON — Republicans took a big step toward repealing the Affordable Care Act on Thursday,
and they took a small step toward dismantling another of President Barack Obama’s signature pieces of legislation, the Dodd-Frank Act.
“It is an enormous package of gifts for Wall Street
and the worst actors in finance,” said Lisa Donner, executive director of Americans for Financial Reform, who said the bill House Republicans passed would increase the likelihood of another financial crisis.
With only the support of Republicans, the House Financial Services Committee voted in favor of the Financial Choice Act, a bill
that would gut central financial regulations created in the aftermath of the 2008 financial crisis.
“Our plan replaces Dodd-Frank’s growth-strangling regulations on small banks and credit unions with reforms
that expand access to capital so small businesses on Main Street can grow and create jobs,” said Representative Jeb Hensarling, Republican of Texas and chairman of the House Financial Services Committee.
