Republican plan to abolish Dodd-Frank passes committee, full House vote coming

The Republican-crafted plan to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act is one step closer to reality after the House Financial Services Committee voted Tuesday to pass the Financial CHOICE Act.

The Financial CHOICE Act, introduced earlier this year by House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX, would replace Dodd-Frank with a “pro-growth, pro-consumer” alternative that would end “too-big-to-fail bailouts, bring significant reforms to the Consumer Financial Protection Bureau, and provide some regulatory relief for certain financial institutions.

The bill passed out of the House Financial Services Committee Tuesday by a vote of 30-26 and will now move to a full vote in the House of Representatives.

An article on the subject from the Wall Street Journal suggests that the bill is “likely” to pass a full House vote but “isn’t likely to get traction” in the Senate.

Read on.

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