The Latest: House GOP backs bill to undo much of Dodd-Frank

Markets Associated Press

The Latest on Republican efforts to undo much of the Dodd-Frank Act (all times local):

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4:30 p.m.

The Republican-led House has backed legislation to undo much of former President Barack Obama's landmark banking law created after the 2008 economic crisis.

Republicans argue that rules designed to prevent another meltdown were making it harder for community banks to operate and hampering the economy.

The House has passed the bill 233-186.

President Donald Trump had said he wants to do "a big number" on what is known as the Dodd-Frank Act.

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Still, the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Senators have said they'll spend the next few months trying to find common ground on legislation to boost the economy.

Democratic lawmakers overwhelmingly oppose the GOP's repeal bill. They say it could lead to conditions that would result in another economic crisis.

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10 a.m.

House Republicans are preparing to dismantle financial rules established under President Barack Obama that were designed to head off economic meltdowns like the one that caused millions of Americans to lose their jobs and homes during the Great Recession.

Republicans are arguing that the many requirements imposed under what is known as the Dodd-Frank Act have actually harmed economic growth by making it harder for consumers and businesses to get credit.

They say the biggest banks are only getting bigger while local banks are struggling.

Democratic lawmakers overwhelmingly oppose the bill, which also faces major obstacles in the Senate. They argue that Dodd-Frank has brought financial security to millions of Americans and that undoing it will encourage the kind of risky lending practices that invites future economic shocks.