WASHINGTON — In a largely symbolic party-line vote Wednesday, the Republican-led House Financial Services Committee voted Wednesday to repeal the government's authority to wind down large, failing financial institutions, and recommended slashing funding for the Consumer Financial Protection Bureau.

The proposals have no chance of passing the Senate and becoming law this year, but they offered the GOP an opportunity to propose budget cuts while framing the financial reform debate on their own terms. Democrats fought back by offering amendments that put Republicans back on the defensive.

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