Under the guise of deficit reduction, Republicans on the House Financial Services Committee havevoted to roll back four provisions of the Dodd-Frank Act.

Republicans said the proposal apporoved Wednesday would save $35billion by eliminating regulator authority to temporarily use taxdollars to wind down failing financial institutions, slash the ConsumerFinancial Protection Bureau's budget by more than half, eliminatethe Treasury's Office of Financial Research, and scrap the ObamaAdministration's Home Affordability Modification Program.

According to publications covering Capitol Hill, the largestbudget savings would come from the measure to repealtaxpayer-subsidized wind-downs – $22 billion according to theCongressional Budget Office. However, Democrats countered thatcosts would, by design, be recovered by industry assessments.

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