US House clears bill to retool CFPB, replace Wall Street reform law

US House clears bill to retool CFPB, replace Wall Street reform law”

This was accomplished through the passage of the CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act, which ultimately would replace the law with new, less burdensome regulations on the financial services industry.

Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form.

The bill cleared the House on a vote of 233 to 186.

The House of Representatives bill seeks to undo the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act in an effort to support small banks. "If it were to be passed by the Senate and become law, this bill would make future financial crises more likely and more damaging".

It also scales back the authority of the Consumer Financial Protection Bureau, a major outcome of Dodd Frank created to guard consumers against abuses in lending and advertising for financial products.

Democrats have dubbed the bill the "Wrong Choice Act".

"Growth!" US President Donald Trump cheered in a tweet Friday morning.

With the former Federal Bureau of Investigation director openly calling the president a lawless liar, it would be easy for liberals to forget to save some contempt for the rest of the Republican Party. "It stands for economic growth for all, but bank bailouts for none", he said.

"I think people are too dismissive of this bill being DOA [Dead On Arrival] in the Senate", said Marcus Stanley, policy director for Americans for Financial Reform.

"Today, with one vote, House Republicans have wiped away a decade's worth of progress and, in their wake, left behind middle-class families", House Democratic Caucus Chairman Joseph Crowley said in a statement.

The bill would eliminate parts of Dodd-Frank like the Orderly Liquidation Authority, which allows the federal government to step in if a bank is near collapse to provide a backstop to ensure the institution's failure would not spread to the rest of financial system.

"The big banks are bigger, the small banks are fewer", Hensarling said. "Demos condemns this bill and urges members of Congress to vote against it".

Thursday's vote was largely split along party lines, a sign of the contentious nature of the debate over post-economic crisis financial regulations.

The newly passed Republican bill would also get rid of trading restrictions under the Volcker Rule and would strengthen provisions in cases of bankruptcy to protect taxpayers.

U.S. Sen. Sherrod Brown of OH, the top Democrat on the Senate committee that oversees banking laws, said the proposal would gut the Consumer Financial Protection Bureau, which has returned nearly $12 billion to 29 million Americans who were cheated by shadowy debt collectors, for-profit schools, and payday lenders.

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