The House voted Tuesday to pass the biggest rollback of financial regulations since the global financial crisis. The margin was 258-159, with 33 Democrats supporting the legislation.
The bill will right now go to President Donald Trump’s desk. He said Wednesday morning of which he would certainly sign the bill soon. The Senate already passed the legislation with bipartisan support.
The bill makes not bad on Republican promises to cut red tape they say hurts businesses, yet does not go nearly as far as some GOP lawmakers had hoped. of which also appeases some Democrats who argue financial rules passed following the financial meltdown unnecessarily hamstrung tiny as well as mid-sized lenders.
The measure eases restrictions on all yet the largest banks. of which raises the threshold to $250 billion through $50 billion under which banks are deemed too important to the financial system to fail. Those institutions also would certainly not have to undergo stress tests or submit so-called living wills, both safety valves designed to plan for financial disaster.
of which eases mortgage loan data reporting requirements for the overwhelming majority of banks. of which would certainly add some safeguards for student loan borrowers as well as also require credit reporting companies to provide free credit monitoring services.
Republicans have argued the post-crisis regulations held down lending as well as economic growth. On Tuesday ahead of the vote, House Speaker Paul Ryan promoted the bill as a boon for community banks — though of which boosts medium-sized as well as regional institutions, as well.
“This specific can be a bill for the tiny banks of which are the financial anchors of our communities. … of which addresses some of Dodd Frank’s biggest burdens to ease the regulatory costs on these tiny banks — costs which are ultimately transferred on to consumers,” the Wisconsin Republican said.
House Republicans only coalesced behind the Senate edition of the bill when leaders agreed to take up separate legislation sought by House Financial Services Committee Chairman Jeb Hensarling, R-Texas. Hensarling, a longtime opponent of the Dodd-Frank reforms, seeks a more drastic rollback.
within the Senate, lawmakers on the left flank such as Sen. Bernie Sanders, I-Vt., as well as Sen. Elizabeth Warren, D-Mass., opposed the measure as well as argued of which could open taxpayers to more liability if banks fail. House Minority Leader Nancy Pelosi also criticized of which, arguing Tuesday of which of which “would certainly open the doors to banks Again discriminating in how they lend to home buyers.”
Pelosi tweet: The #
DoddFrankRollBackwould certainly open the doors to banks Again discriminating in how they lend to home buyers. We should be taking steps to move forward, not doing the situation worse.
When the Senate earlier passed the legislation by a 67-to-31 vote, 17 Democrats joined with Republicans to approve of which. Some Democrats in smaller or more rural states reliant on smaller banks cheered the legislation as well as said of which removed a burden on those lenders.