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A4 U.S. NEWS
Friday 5 May 2017

GOP-led House panel votes to overhaul Dodd-Frank

President Barack Obama’s to the financial crisis and
landmark banking law. pushed the economy to
A House panel on Thurs- the brink of collapse.
day approved Republi- Rep. Maxine Waters, the
can-written legislation that panel’s senior Democrat,
would gut much of the called it “a deeply misguid-
Dodd-Frank law enacted ed measure that would
by Democrats and signed bring harm to consumers,
by Obama in the wake of investors and our whole
the financial crisis and the economy.”
Great Recession. “The bill is rotten to the core
The party-line vote in the and incredibly divisive,”
Republican-led House Fi- Waters said.
nancial Services Commit- After attempts in recent
tee was 34-26. years to overhaul the Dodd-
“I can’t do a good James Frank legislation, the Re-
Brown, but I feel good,” publicans were heartened
said Rep. Jeb Hensarling, this time by a sympathetic
the normally reserved Re- Republican president now
publican chairman of the in the White House. Presi-
committee, referring to dent Donald Trump has de-
the singer often called the nounced Dodd-Frank and
godfather of soul. promised that his admin-
Hensarling wrote much of istration would “do a big
the overhaul legislation. number” on it.

House Financial Services Committee member Rep. Stephen Lynch, D-Mass., center, flanked by Republicans argued that Still, getting the new bill to
Rep. David Scott, D-Ga., left, and Rep. William Lacy Clay, D-Mo., speaks on Capitol Hill in Wash- the Dodd-Frank law is slow- Trump’s desk could be a
ington during the committee’s hearing on overhauling the nation’s financial rules. ing economic growth be- hard road. It now goes to
(AP Photo/Manuel Balce Ceneta) cause of the cost of com- the GOP-dominated House
pliance and by curbing for a vote, but supporters
KEVIN FREKING House Republicans took cial rules created after lending. admit that the path will be
MARCY GORDON a major step toward their the 2008 crisis, pushing for- Democrats warned the much more difficult in the
Associated Press long-promised goal of un- ward sweeping legislation GOP bill will create the Senate, where Democratic
WASHINGTON (AP) — winding the stricter finan- that would undo much of same conditions that led support will be needed. q
Trump limits IRS action over church political activity

CATHERINE LUCEY House on Thursday, Trump win the White House that lic its investigations of such The order did not match
RACHEL ZOLL signed the order on religious he would block the regu- cases, but only one church a broader, much more
Associated Press freedom, which directs the lation, known as the John- is known to have lost its tax- detailed draft leaked ear-
WASHINGTON (AP) — De- Treasury Department to son Amendment, though exempt status as a result of lier this year that included
claring he was giving not take “adverse action” any repeal would have to the prohibition. provisions on conscience
churches their “voices over churches or religious be done by Congress. The Trump’s order also asks fed- protection for faith-based
back,” President Donald organizations for political amendment , named for eral agencies to consider ministries, schools and fed-
Trump signed an executive speech. The rule has rarely then-Sen. Lyndon Johnson, issuing new regulations that eral workers across an array
order Thursday aimed at been enforced. Still, oppo- was put into force in 1954. the White House says could of agencies. Robin Fretwell
easing an IRS rule limiting nents said the restrictions The policy allows a wide help religious groups that Wilson, a legal scholar who
political activity for religious have a chilling effect on range of advocacy on po- object to paying for con- advises legislators on bal-
organizations — a move free speech. “This finan- litical issues, but in the case traception under the Af- ancing LGBT rights and re-
that fell far short of a more cial threat against the faith of houses of worship, it bars fordable Care Act health ligious liberty, said the lan-
sweeping order some sup- community is over,” Trump electioneering and outright law. And it asks the attor- guage in the document
porters had expected. said. He has long promised political endorsements ney general to issue guid- was so vague, it was un-
As he marked the National the conservative Christian from the pulpit. ance on federal religious clear what impact it would
Day of Prayer at the White supporters who helped him The IRS does not make pub- liberty protections. have.q