Finance safety

Republicans take aim at Dodd-Frank financial rules

A Republican push to overhaul US banking rules put in place after the 2008 financial crisis may be gaining momentum.

The US House of Representatives approved a bill on Thursday that would scrap federal bailout powers, ease requirements on banks and weaken the Consumer Financial Protection Bureau.

Supporters say the proposal simplifies regulation that has stifled growth.

However, opponents describe it as a "wish list" crafted by banks.

Few expect the sprawling, nearly 600-page document, which touches on everything from payday lending to bank bailouts, to become law in its current form.

No Democrats voted for the bill, which faces fierce opposition from the party in the Senate.