The House on Thursday passed House Financial Services Chairman Jeb Hensarling's (R-Texas) bill to overhaul the Dodd-Frank Act; the bill now goes to the Senate, where it is expected to die.
The House passed the measure 233-186, with no Democrats supporting it and one Republican opposing it.
Known as the Financial CHOICE Act, H.R. 10 would overhaul Dodd-Frank, making a myriad of changes to the financial regulatory regime. It would diminish the powers of the CFPB, require congressional approval of significant agency rules and subject financial regulators, including the NCUA and the CFPB, to the annual appropriations process.
A similar bill was approved by Hensarling's committee during the past Congress, but it never went to the House floor.
Leaders of the Senate Banking Committee made it clear on Thursday that they planned to try to work on financial regulatory legislation on a bipartisan basis. Chairman Mike Crapo (R-Id.) said the panel will hold a series of hearings during the next several months before developing its own bill.
Meanwhile, House Republicans praised the CHOICE Act.
“All of the promises of Dodd-Frank have been broken,” Hensarling said on the House floor.
He said that the legislation would free financial institutions from over-regulation, which would allow them to better serve their customers and members.
House Majority Leader Kevin McCarthy (R-Calif.) also praised the legislation.
“The Choice Act levels the playing field,” he said. “It makes both Washington and Wall Street accountable.”
The bill passed with vehement Democratic opposition.
“This bill is one of the worst bills I have seen in my time in Congress,” House Financial Services ranking Democrat Maxine Waters (D-Calif.) said.
Rep. Stephen Lynch (D-Mass.) was blunter in his criticism.
“This is a bad bill,” he said. “It is a real stinker.”
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