Bank of America

House votes to roll back Wall Street rules, reduce oversight put in place after 2008 crisis

House votes to roll back Wall Street rules, reduce oversight put in place after 2008 crisis

The Republican-led House on Thursday voted to free Wall Street from many of the constraints put in place after the 2008 financial crisis, the opening salvo in what is likely to be a protracted battle over deregulation of the powerful banking industry.

Big banks, from Goldman Sachs to Bank of America, would face less scrutiny, and other large financial institutions, such as insurance giant MetLife, could escape tougher rules altogether under the legislation approved largely along party lines.

The Trump administration backed the bill, the Financial Choice Act, as part of a multi-pronged effort to ease banking regulations to spur economic growth. The legislation probably will...

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