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.