House passes sweeping bank deregulation bill

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House passes sweeping bank deregulation bill

House passes sweeping bank deregulation bill

Politico-

House Republicans on Thursday united to pass a comprehensive bill that would dismantle the landmark banking regulations enacted after the 2008 financial crisis.

The legislation, approved by a vote of 233-186, represents the GOP’s opening salvo in the coming debate over easing the rules on the financial system, a move sparked by the election of President Donald Trump and Republican control of Congress.

For now, passage of the bill amounts to little more than a 600-page political messaging exercise, since Senate Republicans do not plan to take up the legislation as written. They’re beginning to put together their own package because enacting most changes to regulations will require winning over some Democrats.

The author of the bill, House Financial Services Chairman Jeb Hensarling (R-Texas), says he hopes parts of it will become law during this session of Congress. But he has also conceded that he’s playing the long game with some of his proposals, with high political hurdles looming in the Senate.

[POLITICO]

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