(Jan 8) -- The
House of Representatives voted to overhaul major parts of Dodd-Frank law and make sweeping changes to the financial regulatory system. The v
ote on H.R. 10
, the Financial CHOICE Act, went mostly along party lines, 233-186.
easure, now headed to the Senate, where it has little chance of passing in its current form, would exempt banks from stricter supervision if they hold more capital, give Congress more authority over the Consumer Financial Protection Bureau, eliminate regulators' authority to designate companies as systemically important, and wind down failing financial institutions, among other changes.