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GOP House panel takes first step to gut Dodd-Frank law

FILE - In this Friday, April 21, 2017, file photo, President Donald Trump speaks at the Treasury Department in Washington, where he signed an executive order to review tax regulations set last year by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession. While Republicans in Congress craft a bill to unwind the tighter financial rules that took effect after the 2008 crisis, President Donald Trump is looking in another, seemingly opposite direction: He's entertaining the idea of restoring the Depression-era firewall between commercial banking and its riskier investment side. (AP Photo/Susan Walsh, File)
FILE - In this Friday, April 21, 2017, file photo, President Donald Trump speaks at the Treasury Department in Washington, where he signed an executive order to review tax regulations set last year by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession. While Republicans in Congress craft a bill to unwind the tighter financial rules that took effect after the 2008 crisis, President Donald Trump is looking in another, seemingly opposite direction: He's entertaining the idea of restoring the Depression-era firewall between commercial banking and its riskier investment side. (AP Photo/Susan Walsh, File) FILE - In this Friday, April 21, 2017, file photo, President Donald Trump speaks at the Treasury Department in Washington, where he signed an executive order to review tax regulations set last year by his predecessor, as well as two memos to potentially reconsider major elements of the 2010 Dodd-Frank financial reforms passed in the wake of the Great Recession. While Republicans in Congress craft a bill to unwind the tighter financial rules that took effect after the 2008 crisis, President Donald Trump is looking in another, seemingly opposite direction: He's entertaining the idea of restoring the Depression-era firewall between commercial banking and its riskier investment side. (AP Photo/Susan Walsh, File)

By Associated Press 1 min read

WASHINGTON (AP) – House Republicans have taken a major step toward their long-promised goal of unwinding the stricter financial rules created after the 2008 crisis.

The lawmakers are pushing ahead with sweeping legislation that would undo much of President Barack Obama’s landmark banking law.

A House panel on Thursday approved Republican-written legislation that would gut much of the Dodd-Frank law enacted by Democrats and signed by Obama 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.