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Dodd-Frank dismantling passes first big legislative hurdle

Joe Mont | May 4, 2017

A legislative package that aims to chisel away much of the Dodd-Frank Act will move on to a vote in the House of Representatives, following a party line vote by the House Financial Services Committee.

The Financial CHOICE Act, sponsored by the committee’s chairman, Rep. Jeb Hensarling (R-Texas) moved onward by a 34-26 vote on April 4. To become law, H.R. 10 must still receive a majority of votes in the House and, likely a more daunting task, the Senate.

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.”

The Financial CHOICE Act, he promised, will end taxpayer-funded bailouts of large financial institutions; impose tougher penalties on those who commit financial fraud and insider trading; demand greater accountability from Washington...

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