On Wednesday, Republicans on the House Financial Services Committee passed a budget that would cut $35 billion from the deficit by disarming key parts of Dodd-Frank.
The bill would eliminate the government's ability to wind down failing financial giants through "orderly liquidation"—short-term, temporary support meant to prevent systemic problems and collapse. It would also force the new Consumer Financial Protection Bureau—currently funded by the Federal Reserve—to the appropriations process, which would allow future Congresses to restrain the agency through budget cuts.
