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House Republicans are launching an aggressive effort to undo regulations put in place under President Barack Obama to rein in Wall Street, potentially offering the industry sweeping relief from dozens of rules.
The nearly 600-page draft legislation, known as the Financial Choice Act 2.0, takes aim at several critical portions of 2010’s Dodd-Frank Act, including weakening the Consumer Financial Protection Bureau and ditching rules that restrict banks’ ability to make risky financial bets.
“Dodd-Frank failed to keep its promises to the American people, but we will work with President Trump to follow through on his promise to dismantle Dodd-Frank,” Rep. Jeb Hensarling, R-Texas, chair of the House Financial Services Committee, said in a statement.
Hensarling has been working on the legislation for more than a year and initially introduced a version last year. But under the Obama administration the rollback did not have much chance of being signed into law and the effort largely stalled. Now, President Donald Trump has made regulatory relief a priority and has promised several times to “do a number” on Dodd-Frank, giving Hensarling’s legislative efforts new life.
The Financial Services Committee is scheduled to hold its first hearing on the bill next week. While it has a good…
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