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Axing Dodd-Frank Could Put the Entire Financial System at Risk 

June 12, 2017

Martha C. White, NBC News

"Consumer advocates criticized House Republicans’ push to effectively defang the Consumer Financial Protection Bureau with a bill passed last week, but some observers warn that the bill’s biggest threat is that it opens the door to a repeat of the 2008 financial crisis.

“It really undermines supervision and it really destroys a lot of other protections against ‘too big to fail,’” said Marcus Stanley, policy director at Americans for Financial Reform. “It goes through and comprehensively disempowers regulators and weakens systemic risk regulation in a huge range of areas.”

Mike Konczal, a fellow at the Roosevelt Institute, characterized the Financial CHOICE Act — which is likely to be scaled back in the Senate — as an opening volley that lays out Republican priorities for regulatory rollback. “It sets a tone for how the GOP views financial reform overall,” he said."

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