Everyone was focused on former FBI Director James Comey’s testimony before the Senate Intelligence Committee on Thursday. However, while this was going on, House Republicans took a major step in dismantling the legacy of Barack Obama.
Young Conservatives reported that today, House Republicans moved towards getting rid of Obama’s precious Dodd-Frank, the legislation which has completely overwhelmed the regulatory system and stifled the financial industry while also impairing our nation’s economic growth. While Comey was testifying, the House passed a bill that that will destroy many of the key banking reforms implemented by Obama after the financial crisis.
The House reportedly passed passed the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act mostly along partisan lines. This bill included measures that make it possible for banks to escape heightened regulatory requirements and cut stress tests back from their current annual schedule. It also dismantles the Consumer Financial Protection Bureau.
During a press conference, House Speaker Paul Ryan, R-Wis., said the legislation was a “jobs bill” designed to “help revitalize community banks on main street.”
“It means relief not just for small businesses, but also for the workers that they hire and the customers that they serve,” Ryan said.
This is just the latest piece of Obama’s legacy to be eviscerated in the five months Donald Trump has been in power. SHARE this story if you support this legislation!