GOP takes ‘vital first step’ toward repealing Dodd-Frank

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Now that Republicans control Congress, some are hoping to scale back onerous financial regulations imposed by Democrats in response to the 2008 financial crisis.

Republican Sen. Richard Shelby, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, introduced financial regulatory reform legislation Tuesday that would, among other things, scale back parts of the Dodd-Frank Act.

The legislation is still in its preliminary stages, but Shelby said in a press release that he is hopeful it will “initiate a conversation with all members of the Committee who are interested in reaching a bipartisan agreement to improve access to credit and to reduce the level of risk in our financial system.”
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