The US House of Representatives approved a bill on Thursday that would scrap federal bailout powers, ease requirements on banks and weaken the Consumer Financial Protection Bureau.
Supporters say the proposal simplifies regulation that has stifled growth.
However, opponents describe it as a "wish list" crafted by banks.
Few expect the sprawling, nearly 600-page document, which touches on everything from payday lending to bank bailouts, to become law in its current form.
No Democrats voted for the bill, which faces fierce opposition from the party in the Senate.
But success in the House is viewed as a sign of support for some of the other, more limited proposals that are being considered.
Paul Merski of the Independent Community Bankers of America, which represents the interests of smaller banks, said: "It's a good start to putting a comprehensive reform bill on the table and it's very aggressive, so it really sets the high-water mark for what can be done for regulatory relief." [...]
What would the bill do?
The bill, which has White House support, would abolish bailout authority and weaken the Consumer Financial Protection Bureau, the agency that has pursued banks and other firms for wrongdoing during the crisis.
It would also loosen rules on home loans and allow banks to opt out of Dodd-Frank rules if they maintain a 10% ratio of capital to assets.
The Congressional Budget Office estimates the changes would lower the federal deficit by about $24bn.
But the proposal goes farther than just repealing Dodd-Frank.
For example, it would require shareholders to have a bigger stake in a company to propose changes, and abolish a new rule that requires financial advisers to act in the best interests of their clients. [...]
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