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BumRushDaShow

(127,312 posts)
Tue May 22, 2018, 05:44 PM May 2018

UPDATE: Congress approves plan to roll back post-financial crisis banking rules

Source: Washington Post

The House on Tuesday passed a plan to roll back banking regulations passed in response to the 2008 financial crisis, sending the bill to President Trump to sign into law. The measure would not repeal the rules, but it would mark the most significant weakening of the “Dodd-Frank” banking regulations since they were passed in 2010. The bill would exempt some small and regional banks from the most stringent regulations, and it would also loosen some rules aimed at preventing the biggest banks from sudden collapse.

The measure is near certain to become law after passing the House 258 to 59 on Tuesday. The White House supports it, and the Senate approved it in March with bipartisan backing. House Republicans overwhelmingly supported the measure Tuesday, as did 33 House Democrats.

The measure’s supporters say it provides needed relief for community and local banks withering under Washington regulations. But critics charge it opens to the financial system back up to the abuse and risky behavior that brought the U.S. economy to its knees a decade ago — and does so at a time when financial firms are posting record profits.

The final measure represents a compromise among Trump, congressional conservatives and moderate Senate Democrats. The bill leaves major pieces of post-financial crisis rules in place, and it does not touch the Consumer Financial Protection Bureau, a watchdog agency created after the financial crisis.

Read more: https://www.washingtonpost.com/business/economy/divided-house-passes-major-bank-deregulation-bill-sends-to-trump/2018/05/22/6f3bb562-5dd2-11e8-a4a4-c070ef53f315_story.html



Original headline and article -

Congress passes rollback of banking rules put in place after financial crisis, sending bill to Trump

by Washington Post Staff May 22 at 5:41 PM

The House voted to exempt small and regional banks from some of the most stringent rules put in place after the financial crisis, while also loosening some of the rules aimed at keeping the biggest banks from failing. The measure does not repeal the 2010 Dodd-Frank law, as some in the GOP had hoped, but it does represent the most significant scaling back of the rules to date.

Supporters say the rollback frees banks from needlessly onerous rules and will boost economic growth, while critics say it exposes the economy to unnecessary risks at a time when banks are posting record profits.

The bill is near certain to become law. It is backed by the White House and was passed by the Senate in March.

This is a developing story. It will be updated.

https://www.washingtonpost.com/news/politics/wp/2018/05/22/congress-passes-rollback-of-banking-rules-put-in-place-after-financial-crisis-sending-bill-to-trump-to-sign/?utm_term=.0ffb29c19828


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UPDATE: Congress approves plan to roll back post-financial crisis banking rules (Original Post) BumRushDaShow May 2018 OP
Time to prepare for the next recession. Honeycombe8 May 2018 #1
Dodd - Frank still in place... Maxheader May 2018 #2
They will keep chipping away at it like they are doing to the ACA. BumRushDaShow May 2018 #3
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