11 November 2016, 13:35 GMT
WASHINGTON, June 9 (Sputnik) — The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in response to the 2007-2008 financial crisis and signed into law in 2010 by former President Barack Obama.
Dodd-Frank affected changes in all US federal financial regulatory agencies and almost every part of the financial services industry in the United States.
"Congratulations to [Congressman] Jeb Hensarling and Republicans on successful House vote to repeal major parts of the 2010 Dodd-Frank financial law. Growth!" Trump stated in a message on Twitter.
On Thursday, the US House of Representatives approved the Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act.
The new legislation would allow US banks to withdraw from the Dodd-Frank provisions if they have enough cash. Also, the legislation reduces the number of stress tests required for big banks to one every two years.
