GOP-led Panel OKs Bill to Overhaul Dodd-Frank

A House panel has approved legislation that would undo much of the Dodd-Frank law enacted after the 2008 economic meltdown.

The bill cleared the Republican-led House Financial Services Committee by a vote of 34-26.

Republicans are arguing that the law passed under President Barack Obama is slowing economic growth because of the cost of compliance and by curbing lending.

Democrats warn the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.

The bill now goes to the full House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed.