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Bailey McCann, Opalesque New York: A bill aimed at repealing key provisions of Dodd-Frank has passed the US House of Representatives. The bill, known as the Financial Choice Act, would exempt some financial institutions from many of the Dodd-Frank limits on risk taking.
The bill passed the House with only Republican support and faces little chance of passing the Senate. Speaker of the House Paul Ryan said the bill was ultimately "a jobs bill."
In addition to exemptions on risk taking, the measure eliminates the DOL Fiduciary Rule and makes it harder for the Consumer Financial Protection Bureau to protect consumers. The bill would also limit future government bailouts in the event of another financial crisis.
According to the New York Times, once the bill makes it to the Senate, the Volcker Rule is expected to be retained as is support for the Consumer Financial Protection Bureau. The Financial Choice Act has no support among Democrats, who would rather focus on ways of improving Dodd-Frank instead of repealing all or part of it. "House Republicans are feeding American families to the wolves on Wall Street," the article quotes house minority leader Nancy Pelosi as saying.
Even if the bill ultimately dies in the Senate, provisions from it could end up in future repeal and replace attempts advanced by Republicans....................... To view our full article Click here
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