Senate Takes First Step to Passing Dodd-Frank Relief for Smaller Banks - ABI

Seventeen Senate Democrats joined with Republicans yesterday to advance a bipartisan regulatory relief bill for the banking industry, an early sign that the bill can clear the Senate in the coming days, the Washington Examiner reported. The Senate voted 67-32 to end debate on a motion to proceed to the bill, more than the 60 votes needed for that procedural vote. S. 2155 would be the most significant legislative revision to the Dodd-Frank financial reform law since former President Barack Obama signed it in 2010. Nevertheless, it is much more modest than the wholesale replacement of Dodd-Frank sought by President Trump and House Republicans. The most significant provision of the bill is an increase in the size threshold at which banks are subjected to stricter oversight by the Federal Reserve. Today, banks with more than $50 billion in assets face the tougher regulation. The Crapo bill would raise the threshold to $250 billion, providing relief for regional banks like Suntrust and Fifth Third Bank.

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