WASHINGTON — The House approved legislation on Thursday to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules that they claim have strangled small businesses and stagnated the economy.
The vote is a significant step for a measure that still faces long odds of becoming law because of the slim majority that Republicans hold in the Senate.
Even Wall Street lobbyists and lawyers were pessimistic about the chances of the bill, the Financial Choice Act.
“There is zero chance that the Choice Act survives” in its current form in the Senate, said Matthew Dyckman, a lawyer in the financial services practice at Goodwin.
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