May 4, 2017

WINNING: House panel passes Republican measure gutting Dodd-Frank reforms.

In a party line 34-to-26 vote, the panel voted to remove restrictions the Obama administration placed on banks if they agree to hold a higher level of capital.

The measure, called the Financial Choice Act, would repeal the Volcker rule that prohibited banks from speculating in the markets.

Republicans blame Dodd-Frank for the weak economy and a lack of lending to small businesses. Democrats argued that problems in the law could be improved with minor adjustments.

The measure would effectively neuter the Consumer Financial Protection Bureau. Republicans have opposed the agency since it was created.

Repealing the Volcker rule may or may not be wise, but taken as a whole Dodd-Frank put Washington and Wall Street into bed together like never before.

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