GOP-run House poised to roll back post-2008 financial rules
Published 7:39 am Friday, June 9, 2017
WASHINGTON — 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.
Added House Speaker Paul Ryan, R-Wis.: “We need relief.”