"Every promise of Dodd-Frank has been broken", House Financial Services Committee Chairman Jeb Hensarling, (R-Texas), the architect of the bill, Thursday to explain the need to dismantle protections meant to help people ravaged by Wall Street's implosion.
The act was created to protect taxpayers by ending wholesale government bailouts of banks and non-bank financial institutions that encouraged indiscriminate lending.
The Financial Choice Act now heads to the Republican-controlled Senate where California's two Democratic senators are expected to vote against it.
Hensarling, speaking to reporters in Washington Thursday, said Crapo could try to attach changes to Dodd-Frank to a must-pass bill, such as legislation that funds the government.
"We must reverse this trend, and I am pleased that the TAILOR Act has passed through the House as part of CHOICE".
The new bill aims to loosen financial regulations though repealing large portions of the 2010 Dodd-Frank law. But with this bill, the Republicans will undo these safeguards, eviscerate the Consumer [Financial Protection] Bureau, take our country back to the days of massive taxpayer bailouts. Hensarling said that consumers have suffered as a result of Dodd-Frank.
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"As I held roundtables across West Virginia, I heard from small business owners and job creators that Obama-era regulations make it harder for community banks to make loans to small businesses", Mooney said.
"It's fitting that @realDonaldTrump is celebrating a bill that will harm service members, seniors, and families #WrongChoiceAct", Nancy Pelosi, the leader of Democrats in the House, tweeted in reply.
Even though some Democrats recognize there are some problems with Dodd-Frank, they are unified in opposing the Choice Act. The Dodd-Frank Act, which Republicans say is strangling the financial industry, was passed in the wake of the 2008 financial crisis.
Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.
It also gives Congress oversight over the CFPB's budget, meaning lawmakers could defund the agency entirely, and bars the Federal Deposit Insurance Corp. from overseeing the living will process, which requires banks to write up plans on how they would safely be unwound in the event of a collapse. "For the goal of making the financial system safer, you can do a lot more of that with less complex and less burdensome regulation", Kim Schoenholtz, director of the Center for Global Economy and Business at NYU's Stern School of Business, told CNBC.
The Federal Reserve counted 5,031 commercial banks as of May 1.
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