***SIGNIFICANT*** U.S. Senate takes first step to pass bill overhauling Dodd-Frank

http://www.chicagobusiness.com/article/20180306/NEWS01/180309923/u-s-senate-takes-first-step-to-pass-bill-overhauling-dodd-frank

President Donald Trump has promised for more than a year to give banks relief from the Dodd-Frank Act. The moment has arrived.

The Senate voted Tuesday to formally kick off the process of considering a bill that would mark the biggest congressional overhaul of the post-crisis banking law. In the coming days, the Senate is expected to debate and then pass the measure. It will then go to the House, where lawmakers would also have to approve it for it to reach Trump’s desk.

The legislation is a compromise, with some Democrats voting to advance it Tuesday. The bill doesn’t go nearly as far as many Republicans and some in the finance industry would like, leaving big Wall Street firms in particular close to empty handed. It mostly provides regulatory relief for small and regional banks, including raising the threshold for which lenders are considered ‘too big to fail.’

Senate Banking Committee Chairman Mike Crapo, an Idaho Republican, sponsored the legislation and has been working behind the scenes with lawmakers in the House and Senate in recent days to hash out an amendment with some last-minute changes.

Democrats are divided on the bill, with progressives such as Massachusetts Senator Elizabeth Warren arguing it will put consumers at risk.

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thanks to intrigued for the link..

this is very important..winding back restrictions on banks..what could possibly go wrong??

401

~ by seeker401 on March 9, 2018.

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