Bill to Scrap Dodd-Frank Advances Amid Wells Fargo Backlash
- Republican’s proposal passed after Democrats forced final vote
- Opponents decry measure as toxic after Wells Fargo fine
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U.S. House Republicans advanced legislation to undo Congress’s response to the 2008 financial crisis after Democrats forced quick action on the measure that they decried as toxic.
Financial Services Committee Chairman Jeb Hensarling’s bill, which he said will spur economic growth and end bank bailouts, will move to the House floor after a 30-26 vote in an acrimonious committee markup on Tuesday. The Financial Choice Act is the Texas Republican’s plan for replacing the six-year-old Dodd-Frank Act.