Bill to Erase Some Dodd-Frank Banking Rules Passes in House -<br />By ALAN RAPPEPORTJUNE 8, 2017<br />WASHINGTON — The House approved legislation on Thursday to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules<br />that they claim have strangled small businesses and stagnated the economy.<br />“The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act is among the most inappropriately<br />named laws ever enacted in the U. S.,” said Norbert Michel, a Heritage Foundation research fellow.<br />“Ultimately the Financial Choice Act is a jobs bill,” Speaker Paul D. Ryan said on the House floor on Thursday.<br />While expressing polite, if restrained, gratitude to Representative Jeb Hensarling, the Texas Republican who championed the dismantling<br />of Dodd-Frank for years, banking lobbyists were realistic about actual changes the Senate Democrats would be willing to swallow.<br />Even Wall Street lobbyists and lawyers were pessimistic about the chances of the bill, the Financial Choice Act.<br />“It neither reformed Wall Street nor protected consumers, and it imposed massive new regulations on banks far away from Wall Street.”<br />Optimism about big changes remains tempered, however.<br />“We are seeking targeted, narrow changes and adjustments to a law<br />that is seven years old, and even the authors admit openly that there are parts of it where we missed the mark and we overshot.”<br />The nation’s community banks, on the other hand, hope to see some significant easing of regulations on their lending and capital levels.
