"This bill cripples the CFPB's ability to stand up to the big banks and predatory lenders and puts hardworking families at risk of losing their money to unfair financial practices", Pamela Banks, senior counsel for Consumers Union, said in a statement. The bill now heads to the Senate where it's unclear if it has the votes needed to reach President Donald Trump's desk.
Democrats acknowledge problems with Dodd-Frank but are not supportive of Hensarling's legislation, which despite its passage in the House, has little hope of being taken up in the Senate.
Paul Ryan, speaker in the House, said: "This is a jobs bill for Main Street".
End bailouts and keep banks from being deemed too large to fail, it would repeal the designation of particular firms as "systemically important financial institutions" that won't be permitted to collapse.
"Anytime you pass a very complicated piece of legislation, you don't get everything 100 percent right the first time", Frank, former Democratic chairman of the House Financial Services Committee, told NPR.
Dubbed the Financial CHOICE Act and sponsored by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, pundits say the legislation is nonetheless unlikely to move forward in the Senate, despite Thursday's high-profile vote. It's a step toward ensuring banks of all sizes can offer necessary credit to potential homeowners and small business owners, which would help to stimulate the economy. It would also eliminate orderly liquidation authority, a process that allows the Federal Deposit Insurance Corporation to carry out related procedures for a failing financial institution.
Australia to defend 277 against England to qualify for semis
Lehmann said Australia would need to find a way to return to the "brave" style of play that they displayed at the 2015 World Cup. The England captain straightaway chose to go after the Aussie bowling - smashing three fours off Josh Hazlewood's second over.
"Unrestrained greed on Wall Street caused a preventable disaster because at no point did anyone say: This is simply wrong", Crist said before the House approved the measure.
The U.S. House of Representatives passed a sweeping Republican-led bill on Thursday that would undo numerous regulatory provisions of the Dodd-Frank Act.
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.
Critics argue that Dodd-Frank cramped lending - despite data to the contrary - and imposed undue costs and restrictions on smaller community banks, which were not involved in the risky behavior that fueled the mortgage crisis. "We mustn't let the GOP roll back these safeguards".
The Congressional Budget Office (CBO) estimates that the "Financial CHOICE Act" will reduce the federal deficit by $33.6 billion through 2027. It stops big banks from getting bigger while providing relief to small community banks, and it gives working people a chance to pursue their financial goals and new economic opportunities.
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