The Latest: House GOP backs bill to undo much of Dodd-Frank

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

House Republicans are preparing to dismantle financial rules established under President Barack Obama that were designed to head off economic meltdowns like the one that caused millions of Americans to lose their jobs and homes during the Great Recession.

Republicans are arguing that the many requirements imposed under what is known as the Dodd-Frank Act have actually harmed economic growth by making it harder for consumers and businesses to get credit.