By Ovunc Kutlu
NEW YORK (AA) - The House of Representatives passed a bill Thursday that would roll back financial and banking reforms implemented after the 2008 financial crisis.
The Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, was passed 233 - 186 with one Republican voting against it.
It now heads to the Senate where it has little chance of passing as Republicans will need votes from Democrats who say rolling back the Dodd-Frank law would soften regulations on the financial system.
"We must not fail to learn the lessons of the 2008 financial crisis," Democratic Steny Hoyer wrote on Twitter, adding that CHOICE "undermines the financial security of consumers".
House Speaker Paul Ryan disagreed and said it "is a jobs bill -- one that will bring hope back to Main Street" and help thousands of small businesses that are hoping to hire and expand.
CHOICE would allow banks to waive some regulations if they have enough capital.
It would also repeal the Volcker rule that restricts banks from making speculative investments.
The Dodd-Frank reforms, which were introduced by the former President Barack Obama administration, implemented certain regulations on the banking industry to stabilize the financial system.
President Donald Trump, however, promised during his campaign he would roll back some of the Obama-era regulations on finance, banking and energy to boost economic growth.