Senate advances plan to weaken Dodd-Frank banking rules
Source: The Washington Post
By Erica Werner and Renae Merle March 6 at 11:42 AM
A plan to scale back post-financial crisis banking rules cleared a key Senate hurdle Tuesday, with a bipartisan coalition voting to move the measure toward passage.
The Senate voted 67 to 32 to move toward debate on the measure, well over the 60 votes needed in the closely divided Senate.
Days of contentious debate loom before final passage, with Sen. Elizabeth Warren (D-Mass.) pledging to deliver a series of speeches in opposition. But the level of bipartisan support Tuesday suggested the measure will eventually get the Senate’s approval. The House would need to approve the legislation as well before it could become law.
If passed, the measure would mark the most significant revision of banking rules since Congress passed a sweeping financial regulatory law in response to the 2008 economic crisis.
Read more: https://www.washingtonpost.com/business/economy/senate-advances-plan-to-weaken-dodd-frank-banking-rules/2018/03/06/286dbce8-215a-11e8-badd-7c9f29a55815_story.html?utm_term=.f1c1931744ae&wpisrc=al_politics__alert-politics--alert-economy&wpmk=1
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the big banks would be delighted for the opportunity to deal in subprime mortgages, credit default swaps and other dodgy derivatives.
