Republicans pass banking bill, Knight touts small business impact

Republicans pass banking bill, Knight touts small business impact”

The Financial Choice Act was created with the aim of undoing much of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the landmark banking law passed after the 2008 financial crisis.

The Republican-controlled House approved the Financial Choice Act by an overwhelming vote of 233 to 186.

Rep. Keith Rothfus (R-PA 12), a co-sponsor of the bill, said Dodd-Frank was meant to lift the economy and prevent the "too big to fail" phenomenon from taking hold in the future.

While former Federal Bureau of Investigation director James Comey's testimony gripped most of the nation, Republicans voted to repeal a significant piece of Obama-era banking legislation.

The act was created to protect taxpayers by ending wholesale government bailouts of banks and non-bank financial institutions that encouraged indiscriminate lending.

Sewell continued, "Between the home foreclosures, rising unemployment, and the families whose dreams were stripped away to pay for Wall Street's mistakes, it is hard to forget".

"There is a general sense [in both parties] that we should reduce the burden on smaller banks", said Justin Schardin, a fellow at the Bipartisan Policy Center.

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Sen. Mike Crapo, the Republican chairman of Senate panel with jurisdiction over banks, said lawmakers have requested ideas on how to improve the economy from all stakeholders and that "Dodd-Frank is clearly a part of that".

Under the bill, large banks like Bank of America (BAC) and Citigroup (C), would be subject to less regulation if they maintained a capital ratio of 10%.

"We continue to see no path forward for this legislation in the Senate", said Jaret Seiberg, an analyst with Cowen & Co., in a note to clients ahead of the House vote. Numerous regulations that were created in response to the financial crash have hindered economic growth, including Dodd-Frank and the decision to put Fannie Mae and Freddie Mac under government conservatorship. It would also rid USA law of the notion of "too big to fail", meaning taxpayers could no longer bail out large financial institutions that run out of cash, thus making sure that any future financial failures would guarantee a systemic threat to the entire global economy. The CFPB would be renamed the Consumer Law Enforcement Agency.

The bill is the second passed by the House of Representatives that is unlikely to become actual law. "For many credit-worthy borrowers, they are paying $500 more for an auto loan".

There were plenty of attacks on the bill before during, and after the vote.

"[Republicans] are making the tax-payer take the systemic risk of their activities which may or may not be the bill speaks for itself", said House Minority Leader Nancy Pelosi (D-CA).

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