In a moved cheered by a wide array of organizations including the Consumer Bankers Association and the Independent Community Bankers of America, the U.S. House Financial Services Committee passed what Republican lawmakers are touting as an alternative to the Dodd-Frank Act.

The Financial CHOICE Act moved forward by a partisan vote of 30-26 on Tuesday, generating opposite reactions from lawmakers on either side of the aisle. Financial Services Committee chairman and sponsor of the bill Jeb Hensarling said, “Democrats just voted against a bill that increases penalties against those who commit financial fraud. 

“They just voted against a bill that ends taxpayer-funded bailouts, and they just voted against legislation that provides relief from Washington’s crushing regulatory burden for small banks, credit unions and consumers,” continued Hensarling, a Texas Republican who spelled out the measure earlier this summer.

“The bill holds Wall Street accountable with the toughest, strongest, strictest penalties ever — far greater than those in Dodd-Frank,” Hensarling went on to say. “And as recent headlines attest, obviously stronger penalties are needed.  It requires banks to be well capitalized to prevent another financial crisis and puts in place the toughest penalties in history to protect consumers from fraud and deception.

Meanwhile, the committee’s ranking member, Rep. Maxine Waters of California, chastised Republicans for how the measure moved ahead.

“This bill is so bad that it simply cannot be fixed. This markup is not a serious attempt to move thoughtful legislation, evidenced by the fact that we only had one hearing on one portion of the bill,” Waters said.

“It’s clear that this is a rushed, partisan messaging tool, though why anyone would want to push legislation to deregulate Wall Street at a time like this is beyond me,” she added.

Despite what lawmakers volleyed at each other, industry representatives whose interests can include auto financing applauded this week’s actions.

“CBA welcomes the House Financial Services Committee’s efforts in reforming Dodd-Frank. Consumers will benefit greatly from the creation of a five-person, bipartisan board at the CFPB, which will preserve the bureau as a strong, stable and effective regulator, regardless of a President Trump or Clinton,” said Richard Hunt, who is the Consumer Bankers Association’s president and chief executive officer.

“Additionally, the repeal of the Durbin Amendment, which has limited consumer access to many affordable banking products and services through a mandated price control, is a major win for consumers,” Hunt continued.

Independent Community Bankers of America president and CEO Camden Fine took a similar position regarding committee passage of the Financial CHOICE Act.

“ICBA congratulates the House Financial Services Committee for advancing the Financial CHOICE Act. Chairman Jeb Hensarling’s bill is an important source of meaningful regulatory relief that will help community banks foster economic and job growth in their local communities,” Fine said.

“The Financial CHOICE Act includes many common-sense provisions from ICBA’s Plan for Prosperity platform to reform community bank overregulation and enhance our economy,” Fine continued. “These provisions include a repeal of Durbin Amendment price controls on debit card interchange, common-sense reforms to excessively burdensome mortgage-lending rules, and relief from unnecessary call report and data-collection requirements.

“ICBA looks forward to continuing to work with chairman Hensarling and other members of Congress to advance much-needed and robust regulatory relief that will benefit the nation’s consumers and economy,” Fine went on to say.

Other organizations that welcomed the House action included the U.S. Chamber of Commerce, Americans for Prosperity, Small Business Investor Alliance, Small Business & Entrepreneurship Council and the Mid-Size Bank Coalition of America.