Bill would ease rules aimed at big banks
WASHINGTON — The House approved GOP legislation Thursday easing bank curbs that Democrats imposed to prevent another financial crisis, as Republicans offered a symbolic preview of regulatory changes they plan to pursue after President-elect Donald Trump takes office.
The bill targets the landmark Dodd-Frank law, which Democrats enacted to rein in Wall Street following the financial crisis that struck in 2008. Trump urged during his campaign that the 2010 law be dismantled, and his transition team has set that as a goal.
The House measure has virtually no chance of passage by the lame-duck Congress, which could adjourn for the year next week. For good measure, the White House threatened a veto if it reaches Obama, telling lawmakers in a letter that the law has discouraged large banks from “engaging in the risky behavior that precipitated the 2008 financial crisis.”
The bill cleared the House by 254-161.
Republicans will control the White House and Congress in January and see an opening to go after key parts of the law — such as the Consumer Financial Protection Bureau.
