Congress has handed President Trump a huge victory.
In a rare sign of bipartisanship, Congress has voted to repeal part of the Dodd-Frank law, helping small and medium size financial institutions.
As reported by nytimes.com
WASHINGTON — A decade after the global financial crisis tipped the United States into a recession, Congress agreed on Tuesday to free thousands of small and medium-sized banks from strict rules enacted as part of the 2010 Dodd-Frank law to prevent another meltdown.
In a rare demonstration of bipartisanship, the House voted 258-159 to approve a regulatory rollback that passed the Senate earlier this year, handing a significant victory to President Trump, who has promised to “do a big number on Dodd-Frank.”
The bill stops far short of unwinding the toughened regulatory regime put in place to prevent the nation’s biggest banks from engaging in risky behavior but represents a substantial watering down of Obama-era rules governing a large swath of the banking system. The legislation will leave fewer than 10 big banks in the United States subject to stricter federal oversight, freeing thousands of banks with less than $250 billion in assets from a post-crisis crackdown that they have long complained is too onerous.
“The House just voted to free our economy from overregulation,” Paul D. Ryan, the House Speaker and Wisconsin Republican, said in a tweet. “Main Street banks are engines of growth, and now it will be easier for these banks to lend to #SmallBiz and families.”
The main Democrats who were against the repeal, were unsurprisingly enough, the same ones who outspoken anti-Trumpers. Nancy Pelosi and Maxine Waters both spoke out against the repeal for instance, not wanting to hand President Trump any sort of victory this close to the midterms.
Regardless of their attempt, this is still a huge win for Trump.
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