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17 Junio 2017, 01:02 | Martinez Canez
The U.S. House of Representatives on Thursday was expected to approve a bill to overhaul the Dodd-Frank Act.
The Dodd-Frank was passed as a consumer protection act in mid-2010 in response to the financial crisis - known as The Great Recession - which led to 165 failed financial institutions.
"With the majority that they have in the House and the Senate and President Trump, this is their big opportunity to deregulate, deregulate, deregulate - and they're going to go for it", she said. It primarily targets the Dodd-Frank Wall Street Reform Act which was enacted a few years after the collapse.
"Today a bill to roll back Dodd-Frank will take the final step in never being approved by the Senate", tweeted Sean Tuffy, an expert on financial regulation at Brown Brothers Harriman.
While the bill breezed through the House chamber, its path forward in the U.S. Senate is far less certain, where Democratic support would be needed to draw the necessary 60 votes.
Rep. Jeb Hensarling, who chairs the House Financial Services Committee, said Dodd-Frank ended up being a series of broken promises.
For example, before the Dodd-Frank Act became law in 2010, 75 percent of banks offered free checking accounts, but by 2016, only 38 percent did so. Dodd-Frank has hurt everyone from small businesses to homebuyers. "What's worse, it hit rural America the hardest, allowing big banks to get bigger while crushing small businesses and farmers" ability to get the loans they need.
"Consumer groups, civil rights groups, veterans groups - everyone who's not a big bank - opposes this 'wrong choice act.' Democrats remember the 2008 financial crash".
The bill will go on to the Senate, where the Republicans will have to scrounge together the votes of at least eight Democrats - or make more moderate changes to the legislation - in order for it to pass. The bill is primarily created to rollback regulations that were implemented in response to the financial crisis of 2007. Lenders got in trouble following mass defaults of risky mortgages, then required a government bailout when they didn't have the capital to cover their losses.
"This bill turns the clock backwards on financial industry oversight by gutting the CFPB and would leave Americans vulnerable to financial fraud and rip-offs", Pamela Banks, senior policy counsel for Consumers Union, said in a statement.
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