The Financial Choice Act Doesn’t Repeal Dodd-Frank, But It’s Still A Big Deal

The House approved the bill with a party line vote on Thursday, but it’s prospects are dim in the Senate.

The number of regulations on American banks has doubled since 2010, which means plenty of work for regulators in Washington but less time (and money) for banks to do the things they are supposed to be doing.

The culprit behind those growing piles of financial regulations is the Dodd-Frank Act, passed by Congress in response to the banking collapse that led into the so-called Great Recession.

Congress on Thursday took a step towards reducing those piles of regulations, as the House voted straight down party-lines to approve the Financial CHOICE Act. Though the bill is expected to face significant opposition in the Senate, its passage is the surest sign yet that Republicans are serious about rolling back Obama era regulations that force banks to spend more time (and money) dealing with government imperatives.

…continue reading

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