(FINalternatives) In a largely symbolic move, the U.S. House of Representatives voted on Thursday to reverse key portions of the Dodd-Frank Wall Street Reform And Consumer Protection Act, delivering on one of the Republican Party’s core platform promises during last year’s presidential election.
The vote was 233 to 186 and went along party lines, according to Reuters. Authored by House Financial Services chairman Jeb Hensarling of Texas, the bill has little chance of survival in the Senate, where the support of at least some Democrats would be required. Nonetheless, it opens the door to rescinding or revamping many of the financial industry regulations instituted in the wake of the 2008-2009 financial crisis.
