A Texas Republican is behind legislation that would dismantle much of the Dodd-Frank Wall Street Reform and Consumer Protection Act put in place to prevent another crisis.

The House took a major step to roll back tougher federal oversight of the financial system Thursday when it passed Rep. Jeb Hensarling’s Financial CHOICE Act of 2017..

The bill would dismantle many of the Dodd-Frank regulatory reforms enacted in 2010. But the Senate is expected to draft a more moderate bill in order to avoid a filibuster.

Source: Mortgage Daily