The largely party-line vote was 233-186, as Republicans argued the rules created to prevent another meltdown were making it harder for community banks to lend and hampered the economy.
Sen. Mike Crapo, the Republican from Idaho, who is the chair of the Senate Banking Committee, is talking with Senate Democrats about drafting a consensus bill with limited reforms.
WASHINGTON (AP) - President Donald Trump has said he wants to do "a big number" on the Obama-era financial rules devised after the Great Recession, and House Republicans were poised to fulfill that goal Thursday. The CHOICE Act offers the relief that our economy has been begging for, and I am happy to see some of the most burdensome and harmful regulations from Dodd-Frank finally repealed. To Speaker of The House Paul Ryan (R-WI), it is "a jobs bill" that will "revitalize community banks on Main Street".
H.R. 10: the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act is meant to end taxpayer-funded bailouts of Wall Street banks and create more opportunities for Americans on Main Street, but the Alabama delegation's sole Democrat, 7th District U.S. Rep.
They say it will make it easier for banks to make risky bets with investments.
Unlike the House, Republicans will need to sway at least eight Democrats to pass a regulatory reform bill to cross the 60-vote threshold.
Murray registers 650th match win to enter quarters
The Romanian wasted four set points but evened the match on her next opportunity in the tiebreaker after saving a match point. The 2015 champion demolished Marin Cilic , who has been in fine form himself this fortnight, 6-3 6-3 6-1 in just 100 minutes.
The Trump administration backed the bill as part of a multi-pronged effort to ease banking regulations in order to spur economic growth. That's down from 6,750 in the third quarter of 2010, shortly after Dodd-Frank was enacted.
The U.S. House of Representatives on June 8 approved the Financial CHOICE Act, which would replace the 2010 Dodd-Frank legislation. Democrat critics said it would "pave the way" for economic damage on the scale of the financial crisis or worse.
Trump started his attack on Dodd-Frank soon after taking office, ordering a Treasury Department review of the complex rules that have put the legislation into practice. "People believe there should be more - not less - regulation of Wall Street". Under the proposed law, the president could fire the agency's director at will and its oversight powers would be curbed. The legislation is likely to face stiff resistance in the Senate but it provides a roadmap of sorts for the policies the president plans to put in place as he appoints new regulators.
"If I live my life thinking that something might not pass the Senate, I would never even get up and bother to go to work", he said.
What does the Financial Choice Act do?
The spotlight on the financial reform this week could "convince the White House that it's time to act on these key nominations", said Seiberg.
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