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House passes bill gutting Dodd-Frank rules governing Wall Street

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Rep. Jeb Hensarling, Republican of Texas, chair of the House Financial Services panel, and the author of the Financial Choice Act.

The House of Representatives passed a bill to roll back the Dodd-Frank law on Thursday, voting along party lines to gut regulations that Republicans see as dampening lending and harming small banks.

The bill cleared the House on a vote of 233 to 186. One Republican voted against the measure.

Called the Financial Choice Act, the measure would allow banks to opt out of some regulations if they hold enough capital and would repeal the Volcker rule that barred banks from speculative trading.

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