House Republicans took a major step toward their goal of unwinding the stricter financial rules created after the 2008 crisis, pushing forward sweeping legislation that would undo much of President Barack Obama's banking law, the Associated Press reported today. A House panel approved Republican-written legislation that would gut much of the Dodd-Frank law enacted in the wake of the financial crisis and the Great Recession. The party-line vote in the Republican-led House Financial Services Committee was 34-26. "I can't do a good James Brown, but I feel good," said Rep. Jeb Hensarling, referring to the singer often called the godfather of soul. Hensarling wrote much of the overhaul legislation. Republicans argued that the Dodd-Frank law is slowing economic growth because of the cost of compliance and by curbing lending. President Donald Trump has denounced Dodd-Frank and promised that his administration would "do a big number" on it. Still, getting the new bill to Trump's desk could be a hard road. It now goes to the GOP-dominated House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed. The bill would repeal about 40 provisions of the Dodd-Frank Act.
