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House Financial Services Committee member Rep. Randy Hultgren, R-Ill. speaks on Capitol Hill in Washington, Tuesday, May 2, 2017, during the committee's hearing on overhauling the nation's financial rules. (AP Photo/Manuel Balce Ceneta)
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The Latest: GOP-led panel OKs bill to overhaul Dodd-Frank

House Financial Services Committee member Rep. Randy Hultgren, R-Ill. speaks on Capitol Hill in Washington, Tuesday, May 2, 2017, during the committee's hearing on overhauling the nation's financial rules. (AP Photo/Manuel Balce Ceneta)

WASHINGTON (AP) — The Latest on a bill that would repeal about 40 provisions of the Dodd-Frank financial regulatory law (all times local):

12:05 p.m.

A House panel has approved legislation that would undo much of the Dodd-Frank law enacted after the 2008 economic meltdown.

The bill cleared the Republican-led House Financial Services Committee by a vote of 34-26.

Republicans are arguing that the law passed under President Barack Obama is slowing economic growth because of the cost of compliance and by curbing lending.

Democrats warn the GOP bill will create the same conditions that led to the financial crisis and pushed the economy to the brink of collapse.

The bill now goes to the full House for a vote, but supporters admit that the path will be much more difficult in the Senate, where Democratic support will be needed.

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