Republican-led House panel votes to gut Dodd-Frank financial law

House Republicans took a major step toward their long-promised goal of unwinding the stricter financial rules created after the 2008 crisis, pushing forward sweeping legislation that would undo much of President Obama’s landmark banking law.

A House panel on Thursday approved Republican-written legislation that would gut much of the Dodd-Frank law enacted by Democrats and signed by Obama in the wake of the financial crisis and the Great Recession. The party-line vote in the Republican-led House Financial Services Committee was 34-26.

“I can’t do a good James Brown, but I feel good,” said Rep. Jeb Hensarling, the normally reserved Republican chairman of the committee. Hensarling, of Texas, wrote much of the overhaul legislation.

Republicans argue that the law passed under Obama is slowing economic growth because of the cost of compliance and by curbing lending.

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