GOP House panel takes first step to gut Dodd-Frank law

Donald Trump, Mike Pence
President Donald Trump prepares to sign an executive order in the Oval Office of the White House in Washington, Friday, Feb. 3, 2017. Trump signed an executive order that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after 2008-2009 crisis. At left is Vice President Mike Pence. (AP Photo/Pablo Martinez Monsivais)

WASHINGTON (AP) – House Republicans have taken a major step toward their long-promised goal of unwinding the stricter financial rules created after the 2008 crisis.

The lawmakers are pushing ahead with sweeping legislation that would undo much of President Barack 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.

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