Republicans in Congress are moving closer to unveiling their plan to overturn Dodd-Frank, the post-recession law meant to reform the financial system. Central to their overhaul is to strip independence from the Consumer Financial Protection Bureau.
Republicans in Congress plan to roll back parts of Dodd-Frank, the legislation Congress passed after the financial crisis. They say doing so would ease regulatory burdens on small banks. But the plan also eases rules on big banks — the ones that caused the financial crisis.
A coalition of more than 200 business, religious, and social groups around the country want to save the Consumer Financial Protection Bureau, the federally funded agency that protects homeowners from financial abuse.
Republicans in Congress are taking their first steps to dismantle Dodd-Frank, the recession-era financial reform law, as the U.S. House of Representatives is expected to vote Wednesday to allow public companies to secretly pay foreign governments for mineral rights.