The House Financial Services Committee Tuesday approved H.R. 5983, Chairman Jeb Hensarling's (R-Texas) plan to overhaul the Dodd-Frank Act and the rest of the financial regulatory regime after Democrats moved to shut off debate, saying the bill was so wrongheaded that they didn't want to try to amend it.

The bill now goes to the House floor, although it is not expected to be considered by the Senate this year. The Senate does not have a companion bill and given the short amount of time that Congress is expected to be in session for the rest of the year, it would be virtually impossible to move such controversial legislation through the process.

Even if that did occur, it's expected that President Obama would veto it, since Democrats are very vocal about their opposition to the bill.

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