House backs legislation to undo most of Obama’s landmark …

Category: Obama

The Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Photograph: Brendan Smialowski/AFP/Getty Images

The Republican-led House has backed legislation to undo much of Barack Obamas landmark banking law created after the 2008 economic crisis.

Republicans argued that rules designed to prevent another meltdown were making it harder for community banks to operate and hampering the economy.

The House passed the bill 233 to 186.

Donald Trump said he wants to do a big number on what is known as the Dodd-Frank Act.

Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Senators have said theyll spend the next few months trying to find common ground on legislation to boost the economy.

Democratic lawmakers overwhelmingly oppose the GOPs repeal bill. They say it could lead to conditions that would result in another economic crisis.

Original post:
House backs legislation to undo most of Obama's landmark ...

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June 13th, 2017
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