GOP-led panel OKs bill to overhaul Dodd-Frank

Wall Street bull statue

Wall Street bull statue

The Financial CHOICE Act, a bill to roll back the finance industry regulations and monitoring implemented by the 2010 Dodd-Frank Act, passed in the House Financial Services Committee Thursday - with significant monetary support from Wall Street.

"When Dodd-Frank was passed almost seven years ago, Americans were promised it would lift the economy".

Democrats warned the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.

Throughout the hearing, Democrats criticized Republicans for starting with a massive, 500-page bill combining bipartisan measures with long-sought GOP targets. They also dislike the prospect of having to raise billions of dollars in new capital to reach the bill's threshold for banks to qualify for relief from some rules.

"This bill is rotten to the core and incredibly divisive", said Rep. Maxine Waters of California, a Democrat. It passed on a 34-26 party-line vote.

Hensarling has described the Financial CHOICE Act as "a Republican alternative to the failed Dodd-Frank Act, which has contributed to the slowest economic recovery since World War II".

"It's a real problem because those community financial institutions are the backbone of our economy", Andy Barr, a Republican from Kentucky said during the markup. It would restrict the power and autonomy of the Consumer Financial Protection Bureau and eliminate limits on how much banks can charge retailers for consumers' debit card purchases.

In addition, the CHOICE Act, if approved, would make it so that Congress determines the agency's budget, whereas, currently, the CFPB sees guaranteed funding from the Federal Reserve. Instead, it applies to "financial institutions", a term so broadly defined to include any business that engages in financial activities, including insurance, and which is why more than 30 wide-ranging business trade associations strongly oppose this measure.

'Always Dreaming' winds Kentucky Derby in wet conditions
Long shots Lookin at Lee and Battle of Midway were next across the line in slow conditions caused by rains Friday and Saturday. Always Dreaming , who went off at 4.70-to-1, became the fifth straight betting favorite to win the Kentucky Derby.

Our colleagues at Consumers Union say the bill's approval puts consumers at risk while protecting the financial interests of big banks and shady lenders.

Republicans called the amendment as "partisan as it gets".

While the measure is expected to easily win approval at the committee level and in the full House, it faces a hard climb in the Senate where it would need 60 votes to become reality. During debates, Democrats on the House committee had attempted to add several provisions, including one to preserve the DOL's rule, but were rebuffed by the Republicans, Bloomberg writes. He's already directed Treasury Secretary Steven Mnuchin to conduct a review to identify regulations that are burdensome to businesses and stifling economic growth.

Kohn, partner of Kohn, Kohn and Colapinto, and executive director of the National Whistleblower Center, said, “The American public stands behind whistleblowers.

"I'm not sure we're bad broken right now, and I think that's the last time you want to try and fix things, is when you're not very broken", Kiernan said.

The big culprit was a lack of oversight, and Republicans know it even if they now don't want to admit as they charge ahead to please the deep-pocket contributors who helped them win back the Congress.

"The real middle finger to the American people is the lack of recovery because of Dodd-Frank", said Bill Huizenga of MI.

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