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Republicans Release Financial CHOICE Act To Undo Dodd-Frank

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Charging Bull, also known as the Wall Street bull, in downtown Manhattan, New York.

Congressional Republicans have released a draft of their plan to replace Dodd-Frank, which was passed in order to fix abuses in the financial system.

Republicans call their plan the Financial CHOICE Act. The legislation would ease requirements on banks and lighten rules for the rating agencies that misled investors ahead of the housing collapse.

Marcus Stanley, policy director of Americans for Financial Reform, says the GOP plan would strip the Consumer Financial Protection Bureau of much of its sweeping authority.

"And actually it makes the financial regulators even weaker than they were before the 2008 financial crisis."

Republicans say their approach will create a healthier economy with more opportunities and financial independence. They will have to make some compromises to get the bill past Democrats in the Senate.

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