Republicans now control both chambers of Congress so passing legislature should be easy, right?
House Republicans failed to pass their first bill — a fake jobs bill — of the new Congress.
Congressional leadership held the vote under suspended rules to bypass committee approval, meaning they needed at least a 2/3rds majority to pass the bill. With a threshold of 282 votes, the bill only garnered 276 votes.
The bill, which Republicans referred to as a “jobs bill,” would have rolled back elements of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
As I recall, the last time we deregulated the financial industry the end result was a massive loss of jobs.