House backs bill to undo Dodd-Frank

The US House of Representatives has backed legislation to undo much of Dodd-Frank, the landmark banking law passed after the 2008 financial crisis.

The Republican-led House of Representatives has backed legislation to undo much of former President Barack Obama's landmark banking law created after the 2008 economic crisis.

Republicans argue that rules designed to prevent another meltdown were making it harder for community banks to operate and hampering the economy.

The House has passed the bill 233-186.

President Donald Trump had said he wants to do "a big number" on what is known as the Dodd-Frank Act.

However the Republican overhaul of Dodd-Frank is unlikely to pass the Senate in its current form. Senators have said they'll spend the next few months trying to find common ground on legislation to boost the economy.

Democratic lawmakers overwhelmingly oppose the GOP's repeal bill. They say it could lead to conditions that would result in another economic crisis.