>
Article snippet: WASHINGTON — The House approved legislation on Thursday to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules that they claim have strangled small businesses and stagnated the economy. The vote is a significant step for a measure that still faces long odds of becoming law because of the slim majority that Republicans hold in the Senate. Even Wall Street lobbyists and lawyers were pessimistic about the chances of the bill, the Financial Choice Act. “There is zero chance that the Choice Act survives” in its current form in the Senate, said Matthew Dyckman, a lawyer in the financial services practice at Goodwin. Yet the bill’s passage in the House, by 233 to 186, keeps alive the Republican Party’s dream of unwinding one of President Barack Obama’s signature accomplishments. The vote quickly drew the ire of Democrats who argued that Republicans were giving a handout to Wall Street while putting everyday investors at risk. The bill has maintained a low profile compared with Republican plans on health care and taxes, but rolling back Dodd-Frank represents a major part of the Republican agenda. The Trump administration hopes that by unshackling businesses from burdensome regulations, renegotiating trade deals and cutting tax rates, it can help the economy grow faster and well-paying jobs will become more plentiful. “Ultimately the Financial Choice Act... Link to the full article to read more