WASHINGTON (AP) – The Latest on legislation to overturn the Dodd-Frank banking law created to prevent meltdowns like the 2008 financial crisis (all times local):
President Donald Trump is voicing his support for a House Republican vote to overturn many of the financial regulations set up after the 2008 financial crisis.
The House voted 233-186 Thursday without a single Democratic vote for a bill to undo much of the Dodd-Frank banking law. House Financial Services Committee chairman Jeb Hensarling of Texas says the bill would make it easier for consumers to borrow. Democrats say it would promote risky lending practices that could hurt the economy.
Trump said on Twitter Friday, “Congratulations to Jeb Hensarling & Republicans on successful House vote to repeal major parts of the 2010 Dodd-Frank financial law. GROWTH!”
The Republican-led House has moved closer to fulfilling President Donald Trump’s goal of doing “a big number” on Dodd-Frank. That’s the landmark banking law created to prevent meltdowns like the 2008 economic crisis.
The effort will likely require some major changes to bring about Democratic support in the Senate.
Such support was missing entirely when the House voted 233-186 for a bill that would undo much of Dodd-Frank. House Republicans recognize the uphill climb, but are happy to chalk up a victory.
The House majority whip, Republican congressman Steve Scalise, says families, small businesses and communities have been desperate for changes in the law.
Democratic lawmakers, including congresswoman Maxine Waters of California, says House Republicans are setting the stage for another financial crisis.