The House voted to repeal the Dodd-Frank act in a 233-186 vote.
. The Senate has been working on another measure that is more focused on easing regulations on community banks. Next week the Treasury Department is expected to release the first in a series of reports on lightening financial rules and re-interpreting Dodd-Frank provisions.Republicans spoke glowingly of the bill, with House Speaker Paul Ryan (R-Wis.) saying it "delivers the regulatory relief these small banks so desperately need".
CHOICE would allow banks to waive some regulations if they have enough capital.
There, Democratic Representative Rosa DeLauro demanded that acting CFTC chair J. Christopher Giancarlo, a Republican, provide three examples in writing to prove his statement that overregulation was hurting the economy.
Still, Democrats see the bill as a direct rebuke of President Donald Trump's promises to reign in Wall Street. They say it could lead to conditions that would result in another economic crisis. The betting is that the Senate will pass its own version of the bill which will then have to be reconciled with the House's in conference.
All Ohio Republicans voted for the bill. It has become a target of the Republican Party and the administration, with the president arguing in April the regulations "fail to hold Wall Street firms accountable".
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Trump has said bank regulators went too far after the financial crisis in cracking down on lending practices, creating an environment that has made it hard for businesses and consumers to get loans.
Originally passed in the wake of the 2008 housing and economic crisis to address what many felt were its root causes-including protections against systemic risk, curbs on speculative investing by large institutions and higher capital reserves-critics contended Dodd-Frank was over-burdensome and a drag on growth.
In addition, the bill would weaken the Consumer Financial Protection Bureau, a GOP target since its inception in 2010.
In a primarily partisan vote, the House passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act, a highly controversial measure that stands virtually no chance to pass the Senate.
The legislation is a comprehensive package of rules and regulations meant to overhaul and replace what its architect, Rep. Jeb Hensarling (R-Texas), refers to as "the failed Dodd-Frank Act that has contributed to the worst economic recovery of the last 70 years". He said the bill will end what he called bank bailouts.
The CHOICE Act would turn the CFPB, which Republicans consider abusive and unaccountable, into the Consumer Law Enforcement Agency.
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