Congress Passes Dodd-Frank Financial Reform Bill

The House passed a bill to overhaul the 2010 Dodd-Frank financial legislation on Tuesday, sending the bill to President Donald Trump to sign.

The House passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act 258-159, featuring 225 Republicans voting for the bill, 33 Democrats supporting the bill, while most Democrats voted against the legislation.

The Senate passed the Dodd-Frank financial reform bill in March, which was less ambitious compared to the House-passed Financial CHOICE Act, sponsored by House Financial Services Chairman Jeb Hensarling (R-TX). Hensarling suggested in April that he could support the Senate-passed bill as long as there were “other pathways” to advance more financial reforms not included in the Senate bill.

House Financial Services Chairman Hensarling cheered the bill’s passage on Tuesday, saying in a statement:

For far too long, far too many people in our country have struggled to make ends meet. They’ve struggled to buy a car; they’ve struggled to buy a home; they’ve struggled for their version of the American Dream. Why is this happening? Because Main Street banks and credit unions that Americans depend on have been stifled by the weight, load, volume, complexity and cost of heavy Washington bureaucratic red tape which has prevented them from serving their communities. But today, that changes.

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