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GOP panel approves bill to undo much of Dodd-Frank law enacted after financial crisis
Source: Associated Press
GOP panel approves bill to undo much of Dodd-Frank law enacted after financial crisis
By Kevin Freking and Marcy Gordon
Associated Press
MAY 4, 2017, 12:24 PM
A House panel approved legislation Thursday that would gut much of the Dodd-Frank law enacted after the 2008 economic meltdown. The bill cleared the Republican-led House Financial Services Committee on a party-line vote of 34-26.
"I can't do a good James Brown, but I feel good," said Rep. Jeb Hensarling, the normally reserved Republican chairman of the committee, referring to the singer often called the godfather of soul. Hensarling wrote much of the overhaul legislation.
Republicans argued that the law passed under President Barack Obama is slowing economic growth because of the cost of compliance and by curbing lending.
Democrats warned the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.
The bill now goes to the full House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed.
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By Kevin Freking and Marcy Gordon
Associated Press
MAY 4, 2017, 12:24 PM
A House panel approved legislation Thursday that would gut much of the Dodd-Frank law enacted after the 2008 economic meltdown. The bill cleared the Republican-led House Financial Services Committee on a party-line vote of 34-26.
"I can't do a good James Brown, but I feel good," said Rep. Jeb Hensarling, the normally reserved Republican chairman of the committee, referring to the singer often called the godfather of soul. Hensarling wrote much of the overhaul legislation.
Republicans argued that the law passed under President Barack Obama is slowing economic growth because of the cost of compliance and by curbing lending.
Democrats warned the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.
The bill now goes to the full House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed.
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Read more: http://www.chicagotribune.com/news/nationworld/ct-dodd-frank-overhaul-republican-20170504-story.html
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