House Republicans Set to Repeal Dodd-Frank Act

Speaker of the House Paul Ryan of Wis., speaks with reporters during his weekly news conference on Capitol Hill, in Washington, Thursday, June 8, 2017. (AP Photo/Cliff Owen)

Republican members of Congress are gearing up to pass legislation to roll back the Dodd-Frank Act.
The legislation aims to eliminate taxpayer bailouts, simplify regulation, and hold financial regulators accountable.
On Wednesday, House Speaker Paul Ryan referred to the bill as the “crown jewel” of republicans’ de-regulatory agenda.
Ryan said the “choice act” allows small businesses across the U.S. to stop struggling, and start hiring.
The House is expected to vote on the measure Thursday.

House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis.
In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, , which scales back or eliminates many of the post-crisis banking rules.
The legislation is the brainchild of House Financial Services Committee Chairman Jeb Hensarling, R-Texas.
"Dodd-Frank represents the greatest regulatory burden on our economy, more so than all the other Obama-era regulations combined," Hensarling told reporters Wednesday. "There is a better way: economic growth for all; bank bailouts for none."