Financial CHOICE Act Passes in the House

The Republican-led House passed backed legislation on Thursday to undo much of former President Barack Obama's landmark banking law, known as Dodd-Frank, created after the 2008 economic crisis. While no Republican will argue with reasonable regulation on the financial sector, for the sake of accountability, Dodd-Frank did next-to-nothing to regulate the industry, and instead trampled on small banks and taxpayers. "The Wrong Choice Act is a vehicle for Donald Trump's agenda to get rid of financial regulation and help out Wall Street", said Representative Maxine Waters (D-CA), the ranking Democrat on the Financial Service Committee.

On Thursday, while the country (and the world) watched ousted Federal Bureau of Investigation director James Comey call President Donald Trump a liar with whom he did not want to be left alone, the Republican-controlled House of Representatives quietly rolled back financial regulations meant to prevent a repeat of the 2008 financial crash which led to the Great Recession.

But big banks are not fans of the bill raising the minimum percentage on assets they should hold as capital in order to avoid stricter federal oversight.

Several Democratic lawmakers insisted they were willing to make some changes to Dodd-Frank, but that the Republican bill went much too far.

The almost 600-page Choice Act would repeal Dodd-Frank's Volcker Rule, which blocks government-insured banks from making risky bets with investments. In a statement Wednesday, he called Hensarling's legislation a unsafe plan that would "put taxpayers back on the hook for Wall Street's greed and recklessness".

Still, Thursday's vote is a sign that-even with controversy swirling around Washington and distractions aplenty-Republicans in Congress are serious about sweeping aside regulations. Dodd-Frank created the Consumer Financial Protection Bureau (CFPB).

LaMalfa said: "When Dodd-Frank was passed in 2010, it took financial choice out of the hands of consumers and placed it into the hands of Washington bureaucrats".

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Generally, Republicans said the regulations in the 2010 law are too cumbersome for smaller banks and don't do enough to prevent another market crash.

"We see free checking cut in half at banks".

The proposed legislation takes aim at the current law's restrictions on financial institutions, by qualifying those that meet capital and liquidity requirements for regulatory relief. "For many credit-worthy borrowers, they are paying $500 more for an auto loan".

It also repeals the Volcker Rule, which restricts banks from short-term proprietary trading of securities, derivatives, commodity futures and options on these instruments for banks' own accounts. Have you tried getting a mortgage recently?

The financial crisis of 2008 sent shockwaves through the US economy.

President and CEO of the American Bankers Association Rob Nichols explained that the bill is not seeking to entirely repeal Dodd-Frank, but rather dial back aspects that "overshot".

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