President Trump promised to “do a big number” on Dodd Frank and House Republicans have delivered. While it attempts to reduce regulations that are allegedly strangling banks and the lending environment, there are concerns that it also raises the risk of another financial crisis. But the newly-approved Financial Choice Act is far from a done deal.
House Republicans approved Rep. Jeb Hensarling’s bill in a 233 to 186 party-line vote. Just one Republican voted against it, along with all House Democrats. The legislation is a Republican-led effort to roll back regulations that were put into place after the financial crisis. According to President Trump, and many Republicans, Dodd Frank goes overboard. They say it has made it tough for banks to provide mortgages, and is a prime reason the economic recovery has been so slow. Hensarling says the economy is “poised to take off” but that it’s not going anywhere with Dodd-Frank in its current form.
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