BANKING/DODD-FRANK/POLITICS: “The House Financial Services Committee voted 34-26 along party lines on Thursday [5-4-17] to approve the first comprehensive congressional plan to undo Obama-era financial regulations.
The committee sent the Financial Choice Act, a bill by the panel’s chairman that unwinds significant parts of the 2010 Dodd-Frank law approved after the financial crisis, to the full House, where it will likely get a vote in the coming weeks.
The legislation eases regulations and some capital requirements for healthy firms, forces failing firms to go through bankruptcy and restructures the Consumer Financial Protection Bureau, a controversial agency created after the financial crisis, among other changes.”
-Rachel Witkowski, “House Panel Approves Plan to Undo Parts of Dodd-Frank Financial Law,” The Wall Street Journal online, May 4, 2017 12:56pm