House panel passes Republican measure gutting Dodd-Frank reforms

Blast from the past: Dodd and Frank/ Getty Images

Bill faces uncertain future due to opposition from Senate Democrats

By Greg Robb | MarketWatch

The House Financial Services panel on Thursday passed Republican legislation to roll back major sections of the Dodd-Frank financial reform law.

In a party line 34-to-26 vote, the panel voted to remove restrictions the Obama administration placed on banks if they agree to hold a higher level of capital.

The measure, called the Financial Choice Act, would repeal the Volcker rule that prohibited banks from speculating in the markets.

Republicans blame Dodd-Frank for the weak economy and a lack of lending to small businesses. Democrats argued that problems in the law could be improved with minor adjustments.

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