Trump tweets support for banking bill

"Congressman Leonard Lance blames it for 42 community bank failures in New Jersey alone and says, the Choice Act "... reverses many of these failed provisions, empowers economic growth and strengthens penalties for those who engage in fraud, insider trading and other corrupt practices".

"We applaud the House of Representatives for passing the Financial CHOICE Act, and we appreciate Chairman Hensarling's leadership on this issue", said Jim Nussle, CUNA president/CEO. "If it were to be passed by the Senate and become law, this bill would make future financial crises more likely and more damaging".

The bill would also neuter the Consumer Financial Protection Bureau, stripping the agency of the power to regulate both payday lenders and arbitration clauses that financial institutions use to keep consumers from being able to hold them legally liable for malfeasance in court.

Democrats strongly oppose the bill, dubbing it "the wrong choice act". Speaker Paul RyanPaul RyanEx-GOP rep: Ryan's impeachment claim about Trump "isn't true" Tom Brokaw: "Trump ran as a big time exec, not as an apprentice" Trump praises House vote to dismantle Dodd-Frank MORE (R-Wis.) and GOP leaders touted the bill before Thursday's vote. The bill also significantly curtails the powers of Consumer Financial Protection Bureau, a potential sticking point from Senate Democrats. Dodd-Frank has done just the opposite and was one of the worst pieces of legislation from the Obama era.

House Republicans voted Thursday to repeal financial regulations established by the Dodd-Frank Act created to protect American taxpayers by ending indiscriminate bank bailouts.




"They are setting the stage for Wall Street to run amok and cause another financial crisis", Waters said.

"Our families, small businesses and communities have been desperate for this change for years", said Rep. Steve Scalise, the House majority whip. The bill would give banks a choice between complying with Dodd-Frank or holding onto more capital.

Republicans have chafed at the existence of Dodd-Frank since it passed in 2010. "It may or may not pass [the House], but I'm sure that it will not pass the United States Senate", Minority Whip Steny Hoyer told reporters Thursday afternoon before the vote. The Senate has been working on another measure that is more focused on easing regulations on community banks.

"Singling out a few large insurance companies for redundant regulation harms competition, leads to higher prices and less financial protection for consumers, and fails to make the financial system safer", Kandarian said.

U.S. Senator Kamala Harris (D-California) called the passage of the bill "disgraceful" on Friday, while U.S. Senator Dianne Feinstein (D-California) has previously described rollbacks to the Dodd-Frank Act as "dangerous".

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