House votes to roll back post-2008 financial rules
June 9, 2017 at 3:29 a.m.
| Updated June 9, 2017 at 3:35 a.m.
by
Associated Press
FILE - In this May 21, 2010, file photo, then-Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., right, and then- House Financial Services Committee Chairman Rep. Barney Frank, D-Mass., speak to reporters outside the White House in Washington, after their meeting with President Barack Obama. House Republicans headed toward a vote June 8, 2017, on dismantling sweeping financial rules established under Obama that were designed to head off economic meltdowns. Republicans are arguing that the many requirements imposed under what is known as the Dodd-Frank Act have actually harmed economic growth by making it harder for consumers and businesses to get credit.(AP Photo/Susan Walsh, File)
WASHINGTON (AP) - 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.
