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Sunday 23 July 2017

US House backs move to repeal post-2008 crisis banking law

Donald Trump has pledged to
Donald Trump has pledged to "do a big number" on the Dodd-Frank Act

The Republican-led US House of Representatives has backed legislation to undo much of former president Barack Obama's landmark banking law created after the 2008 economic crisis.

Republicans argue that rules designed to prevent another meltdown are making it harder for community banks to operate and hampering the economy.

The House passed the bill by 233-186.

President Donald Trump has said he wants to do "a big number" on what is known as the Dodd-Frank Act.

However, the Republican overhaul of Dodd-Frank is unlikely to pass the US Senate in its current form.

Senators have said they will spend the next few months trying to find common ground on legislation to boost the economy.

Democratic representatives overwhelmingly oppose the Republicans' repeal bill. They say it could lead to conditions that would result in another economic crisis.

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