GOP Replacement For Dodd-Frank Financial Rules Passes House

House Republicans voted Thursday to replace the 2010 Dodd-Frank law with their own sweeping financial regulatory measure, the Financial Choice Act.

The bill passed 233-186, with no Democratic support. One Republican, Walter Jones of North Carolina, voted no.

Authored by Rep. Jeb Hensarling of Texas, the conservative chairman of the House Financial Services Committee, the bill is perhaps second only to the healthcare legislation Republicans passed last month in its scope and significance. Like the healthcare bill, it would undo one of Obama’s top legislative achievements, the new rules imposed on the financial sector in the wake of the 2008 financial crisis. Republicans justify the bill on the grounds that the regulations are holding down economic growth.

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