House bill would relax bank rules aimed at averting crash

Posted at 3:42 PM, Dec 01, 2016

WASHINGTON (AP) — The House is nearing approval of legislation easing bank curbs that Democrats imposed to prevent another financial crisis.

The measure is unlikely to go anywhere this year. But it offers a preview of regulatory changes Republicans plan to pursue after President-elect Donald Trump takes office next year.

The bill targets the landmark Dodd-Frank law, which President Barack Obama and Democrats enacted to rein in Wall Street following the financial crisis of 2007 and 2008. Republicans overwhelmingly opposed that 2010 law.

Trump urged during his campaign that the statute be dismantled, and his transition team has set that as a goal.

Republicans will control the White House and Congress in January and see an opening to go after key parts of the law — such as the Consumer Financial Protection Bureau.