AP News — GOP-led House panel votes to overhaul Dodd-Frank

President Obama signed the Dodd-Frank financial reform bill

on July 21, 2010, flanked by Sen. Christopher Dodd, D-Conn.,

and Rep. Barney Frank, D-Mass.

Photo: Reuters/Jim Young

“House Republicans took a major step toward their long-promised goal of unwinding the stricter financial rules created after the 2008 crisis, pushing forward sweeping legislation that would undo much of President Barack Obama’s landmark banking law.

“A House panel on Thursday approved Republican-written legislation that would gut much of the Dodd-Frank law enacted by Democrats and signed by Obama in the wake of the financial crisis and the Great Recession. The party-line vote in the Republican-led House Financial Services Committee was 34-26.

“Republicans argued that the Dodd-Frank law is slowing economic growth because of the cost of compliance and by curbing lending.

“Democrats warned the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.

“Rep. Maxine Waters, the panel’s senior Democrat, called it ‘a deeply misguided measure that would bring harm to consumers, investors and our whole economy.’

“ ‘The bill is rotten to the core and incredibly divisive,’ Waters said. ‘It’s also dead on arrival in the Senate, and has no chance of becoming law.’ ”

Robert Reich says, “Now remember a decade ago, Goldman Sachs defrauded investors and ripped off its customers and it’s paid nearly $9bn in government fines. Many of Trump’s banksters were there. Don’t let Trump and republicans endanger our economy again. Let’s not make the same mistake twice.’

Robert Reich: Trump's Bankers

GOP-led House panel votes to overhaul Dodd-Frank

By Kevin Freking And Marcy Gordon