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Houses Vote to Repeal Dodd-Frank Act

The Financial CHOICE Act will give small banks and credit unions regulatory relief

On June 8 the House voted along party lines to pass The Financial CHOICE ACT, a bill repealing many of the regulations put in place by the 2010 Dodd-Frank Act.

The bill was authored by Rep. Jeb Hensarling, R-Texas, chair of the House Financial Services Committee, and delivers on Republicans' promises to roll back rules that put excessive burden on small institutions.

The Senate Banking Committee has introduced a different, bipartisan draft bill designed to reduce regulatory pressure on mid-sized and smaller banks, since Hensarling’s bill will not be able to gain the support needed from Democrats to pass the Senate.

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