The House on Thursday passed a bill to eliminate some of the reform regulations of the Dodd-Frank Act, the sweeping law put into place after the financial crisis.
The almost 600-page Choice Act would repeal Dodd-Frank's Volcker Rule, which blocks government-insured banks from making risky bets with investments.
The Financial Choice Act would, among other things, scrap Dodd-Frank's prohibition on federally insured banks from engaging in risky trading, replace the liquidation authority for unwinding large and failing financial institutions, and weaken the powers of the Consumer Financial Protection Bureau (CFPB).
"Simply put, Dodd-Frank has failed", said Polk County Representative Dennis Ross.
While across Capitol Hill on Thursday the Senate was drawing attention for its hearing with James Comey, the fired Federal Bureau of Investigation director, the House passed a bill to roll back some of the strongest Wall Street regulations from the financial crisis. It heightened bank capital requirements and bank stress tests.
Frank says his namesake financial reform law has been too restrictive on smaller banks. Republicans hold just a four-vote majority.
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"Dodd-Frank regulations masqueraded as being friendly to consumers and businesses, when in reality, this could not have been farther from the truth", Knight said. Instead, the Senate is more interested in a broad-based bipartisan bill that focuses on economic growth and could include some financial regulation reform, NBC News has reported. Its journey through the Senate, however, is expected to be much more hard, with Democrats keen to curtail any attempts to soften regulation of financial services.
The bill, introduced by Rep. Jeb Hensarling, R-Texas, offers the country's almost 6,000 banks a choice: If they want to avoid numerous regulatory burdens imposed during the Obama administration, they must significantly increase their emergency financial cushion.
It now heads to the Senate where it has little chance of passing as Republicans will need votes from Democrats who say rolling back the Dodd-Frank law would soften regulations on the financial system.
"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.
The bill, sponsored by Hensarling, passed 233 to 186, with all but one Republican, Rep. Walter Jones (N.C.), backing it and every Democrat opposing 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. They are emotionally invested in preserving as much of the Obama legacy as possible, not matter what harm it has caused.
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