House passes bill to undo Dodd-Frank financial rules

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The bill is expected to pass in the House on Thursday, largely along partisan lines.

I am proud to support this instrumental piece of legislation which protects consumers, creates more accountability and transparency in Wall Street and Washington, empowers all Americans to achieve financial independence and creates more opportunities for small business owners, innovators and job creators. "It actually made it harder for many on Main Street", said Rep. Cathy McMorris Rodgers, R-Wash.

Democrats have warned the Republican counter bill would jeopardize financial sector oversight. The bill would eliminate numerous provisions of the Dodd-Frank Act that tightened rules on banks in an effort to ward off another financial crisis.

Merkley noted the bill's impact on the Consumer Financial Protection Bureau.

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In the past six years, that agency has saved 29 million consumers a total of almost $12 billion and exposed fraud, gimmicks and shady actions by banks and other financial businesses, including the Wells Fargo fake account scandal.

New proposed legislation, introduced by Representative Jeb Hensarling (R-TX), is making headlines because it effectively rolls back the regulatory reforms included in the landmark 2010 Dodd-Frank Act. It envisions restructuring the bankruptcy code to handle the failure of a bank or large lender that might threaten the economy. "These costs are unsustainable for small, community banks, who cannot afford to meet all the requirements and can't hire a team of lawyers to decipher the seemingly endless rules".

One bank closed each day under Dodd-Frank, Knight said. "This is a big step forward in the necessary reform of Dodd-Frank's onerous efflorescence of regulatory bureaucracy. They are being crushed by it".

The bureau's funding stream would be changed so it would come from Congress instead of the Federal Reserve, and the president could remove the director at will.

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U.S. Senator Kamala Harris (D-California) called the passage of the bill "disgraceful" on Friday, while U.S. Senator Dianne Feinstein (D-California) has previously described rollbacks to the Dodd-Frank Act as "dangerous". "While repealing this portion of Dodd-Frank won't do away with each state's self-procurement tax statutes, it will take the federal government out of the equation, which is always helpful". In the first quarter of 1984, there were 14,400 commercial banks in the U.S. Senate Democrats' say they have little interest in reforming Wall Street regulations that aim to keep the country's financial system safe, and Republicans are bogged down with healthcare and tax policy, which may slow progress, Bloomberg reports. One Republican voted against the measure.

House Republicans, meanwhile, believe Dodd Frank's regulations are stifling credit creation and impeding economic growth while placing undue regulatory burdens on institutions and preventing the efficient deployment of financial industry capital. The ranking Democratic member of the committee, Sen.

"Pennsylvanians need more protection from financial institutions that prey on them, not less", Shapiro said in a statement.

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