This bill (H.R. 10) would overhaul financial industry regulations and repeal many provisions of the 2010 Dodd-Frank law. Additionally, the bill would change the Consumer Financial Protection Bureau into an executive-branch agency funded by annual appropriations.
The House passed H.R. 10 on June 8, 2017 by a vote of 233 to 186 (Roll Call 299). We have assigned pluses to the yeas because regulation of the financial industry is not a responsibility, nor one of the enumerated powers, of the federal government. While allegedly put in place to protect consumers from irresponsible Wall Street tycoons and prevent a repeat of the 2008 financial crisis, Dodd-Frank has, in reality, negatively affected small community banks and credit unions with its heavy regulatory burden. While this bill does not represent a complete exit of the federal government from the financial industry, it is a step in the right direction.
