House Finance Republicans Move Toward Regulatory Overhaul (1)

House Republicans edged toward their goal of reshaping US financial regulation Wednesday, advancing legislation that would lower economic guardrails put in place over more than two decades.

The House Financial Services Committee approved its section of the GOP budget reconciliation plan on a 30-22 party-line vote after a 10-hour markup. The panel’s proposal would neuter an audit watchdog established in the wake of the Enron scandal and rescind funds from ex-President Joe Biden’s signature Inflation Reduction Act.

The measure would also lower the cap on the money transferred by the Federal Reserve to the Consumer Financial Protection Bureau — ...