Republicans are arguing that the many requirements imposed under what is known as the Dodd-Frank Act have actually harmed economic growth by making it harder for consumers and businesses to get credit.
WASHINGTON (AP) — President Donald Trump has said he wants to do “a big number” on the Obama-era financial rules devised after the Great Recession, and House Republicans were poised to fulfill that goal Thursday.
The GOP-controlled House was on track to vote for legislation that would wipe away much of the financial law created to head off economic meltdowns like the one that caused millions of Americans to lose their jobs and homes during the 2008-09 collapse.
Republicans say many requirements imposed under what is known as the Dodd-Frank Act, named after its Democratic sponsors, have harmed economic growth by making it harder for consumers and businesses to get loans.
“Let’s lower the cost of financial services for everyday consumers. Let’s bring an end to the anti-growth policies of the last eight years and move into a much brighter, more prosperous future for everyone,” said Rep. Keith Rothfus, R-Pa.
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Added House Speaker Paul Ryan, R-Wis.: “We need relief.”
Democrats overwhelmingly opposed to the Republican bill, which faces major obstacles in the Senate. They say the law has meant financial security to millions of people and that undoing it would encourage the kind of risky lending practices that invites future economic shocks.
They also oppose efforts to sharply curtail a consumer protection agency’s power to pursue companies that it determines have participated in unfair or deceptive practices in their financial products and services. The Consumer Financial Protection Bureau has returned $29 billion to 12 million consumers who were victims of deceptive marketing, discriminatory lending or other financial wrongdoing.
“The sole purpose of…