House votes to kill Dodd-Frank. Now what?

House lawmakers on Thursday advanced the “crown jewel” of the GOP-led regulatory reform effort, effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration.

The Republican bill, called the Financial Choice Act, passed the House 233-186 along party lines. The bill seeks to undo significant parts of the 2010 financial reform law.

Crafted by House Financial Services Chairman Jeb Hensarling, the bill passed despite vehement objections by Democrats to preserve the sweeping law aimed at preventing another financial crisis and protecting American consumers.

“Every promise of Dodd-Frank has been broken,” said Hensarling following his bill’s approval. “We will replace economic stagnation with a growing healthy economy.”

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