Trump tweets support for banking bill

"Wall Street and the big banks don't like the Financial CHOICE Act - in fact they fought against the bill, its consumer reforms and increased accountability".

"Congressman Leonard Lance blames it for 42 community bank failures in New Jersey alone and says, the Choice Act "... reverses many of these failed provisions, empowers economic growth and strengthens penalties for those who engage in fraud, insider trading and other corrupt practices".

The bill was approved along party lines by a vote of 233-to-186 after four hours of often-loud debate.

"This legislation would put an end to the disastrous, overreaching Dodd-Frank law that did nothing to end "too big to fail" and devastated our community bankers in the process", Comer said.

Opponents have labeled it the Wrong Choice Act, with Rep. Maxine Waters (D-California) calling it "one of the worst bills I have seen in my time in Congress".

No Democrats voted for the House bill on Thursday, which was overshadowed by the testimony from fired FBI director James Comey about the Russian Federation investigation and his interaction with US President Donald Trump.

Financial reform advocates argue the Choice Act would leave the US economy vulnerable to another financial crisis.

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U.S. Rep. Andy Barr, whose central Kentucky district includes Lexington, voted in favor of the bill, which he says rolls back "unnecessary regulatory overreaches".

The American Bankers Association applauded the House vote, saying the bill would "fix financial rules that are holding back the USA economy, and doing little to enhance safety and soundness".

"Dodd-Frank regulations masqueraded as being friendly to consumers and businesses, when in reality, this could not have been farther from the truth", Knight said. House Republicans headed toward a vote June 8, 2017, on dismantling sweeping financial rules established under Obama that were created to head off economic meltdowns. He will oversee more than 1,000 lenders, including big Wall Street banks.

NPR reported last week that the bill would unravel the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed in 2010 to prevent another financial crisis. Senate Banking Committee chairman Mike Crapo, an Idaho Republican, said in an interview Thursday that he plans to craft his own legislation, and will seek input from the Trump administration and Senate Democrats. Smaller banks, however, claimed the regulations required were too burdensome for their size.

House Republicans passed a measure Thursday created to rein in regulations that were implemented in response to the financial crisis.

Dodd-Frank mandated the FIO to monitor the insurance industry, assist in administering the terrorism risk insurance programme, and coordinate federal involvement and policy making on global insurance matters and negotiations. The main provisions of the Act allow the president to fire the heads of a number of Dodd-Frank regulatory agencies, including the Consumer Financial Protection Bureau, at will.

In addition, the bill would weaken the Consumer Financial Protection Bureau, a GOP target since its inception in 2010.

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