Financial and Business Services

Panel moves to weaken Dodd-Frank

Panel moves to weaken Dodd-Frank

WASHINGTON — The Republican-controlled Senate took its first step toward fulfilling a GOP promise to roll back key parts of the sweeping 2010 law that overhauled financial industry regulations and oversight.

The Dodd-Frank reform law, designed to prevent a catastrophe similar to the 2008 financial crisis, has been a target of GOP leaders since it was adopted on a largely party line vote by a then-Democratic-controlled Congress.

On Thursday, the Senate Banking Committee voted 12 to 10 along party lines to loosen parts of the law that Republicans have argued were too burdensome on small banks and could hurt the economy.

Democrats charged that the legislation by the...