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House passes bill to replace Dodd-Frank Wall Street reform law


The House of Representatives on Thursday voted largely along party lines to replace the 2010 Dodd-Frank Wall Street reform law, a move that is expected to die in the Senate but open the door to revamping or eliminating regulations that came out of the 2007-09 financial crisis, APA reports quoting Reuters.

 

The bill, called the CHOICE act, was approved by a vote of 233-to-186. Authored by House Financial Services Committee Chairman Jeb Hensarling, a Republican, it gives banks a choice between complying with Dodd-Frank or holding onto more capital. It also restructures the Consumer Financial Protection Bureau, created under Dodd-Frank to guard individuals against fraud in lending.

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