U.S. House to vote on Republican Dodd-Frank reform bill next week

The U.S. Capitol Building is lit at sunset in Washington, U.S., December 20, 2016. REUTERS/Joshua Roberts

(Reuters) - The U.S. House of Representatives will vote on a broad bill to reform and repeal portions of the 2010 Dodd-Frank financial reform law next week, according to a top Republican official.

Majority Leader Kevin McCarthy announced Friday that the House will consider the Financial CHOICE Act in the coming days. The Republican majority is expected to pass the measure. But it faces an uncertain future in the Senate where Democrats are broadly opposed to the legislation and their votes are needed to pass it.

“This is a jobs bill for Main Street. It will rein in the overreach of Dodd-Frank that has allowed the big banks to get bigger while small businesses have been unable to get the loans they need to succeed,” said Speaker Paul Ryan in a statement supporting the measure.

The bill, authored by Representative Jeb Hensarling, would repeal large portions of Dodd-Frank, while placing significant new restrictions on financial regulators like the Consumer Financial Protection Bureau. It would eliminate new powers granted to regulators after the crisis that allowed them to wind down failing institutions, and allow banks to be exempted from many existing financial rules if they agree to boost their capital reserves.

Reporting by Pete Schroeder; Editing by Chizu Nomiyama