It still must be approved by the Senate before it can take effect, however, and that will be more of a challenge since it will require some Democrats to join the majority Republicans.
House Republicans have passed a bill to roll back much of another of President Barack Obama's signature achievements - the Dodd-Frank package of financial reforms - but the measure faces an uncertain future in the Senate. House Republicans recognize the uphill climb, but were happy to chalk up a victory.
They were created to prevent financial institutions from acting in an irresponsible manner and prevent another global economic crash.
They also oppose provisions that would strip away a consumer protection agency's authority to go after companies that it determines have participated in unfair or deceptive practices in their financial products and services. "Have we learned nothing?" asked Rep. Steny Hoyer (D-Md.). Further, a handful of Republican senators immediately rejected the bill, signaling that they would start work on a new version of the bill virtually from scratch.
But he lambasted the House measure, calling it "partisan, unsafe legislation [that] would once again leave families, seniors and service members at the mercy of predatory lenders, and put taxpayers back on the hook to pay for Wall Street's greed and recklessness". "We should be able to adjust it, but we should not throw it out".
"Dodd-Frank is just overly complex and burdensome".
Republicans argued that its rules hamstringed community banks' ability to lend and stymied the economy. Bank fees are up. "Small businesses eager to expand can't get credit and first-time homebuyers are denied access to affordable mortgages". "They're harder to come by and they cost hundreds of dollars more to close".
One part of that review is expected to be released soon.
Proponents of the bill say it brings the agency's structure into conformity with the Constitution and provides Congressional oversight and accountability. The bill is primarily created to rollback regulations that were implemented in response to the financial crisis of 2007. AARP also was among groups opposing the bill. It heightened bank capital requirements and bank stress tests. "They've all been wrapped up or swallowed up by the big guys who have been protected by Dodd-Frank".
All five of Kentucky's Republican representatives voted in favor of the legislation, the only Democrat in the delegation, Rep. John Yarmuth, voted against it.