US Senate Majority Leader Mitch McConnell has set the stage for a vote on one of the biggest rewrites of financial industry rules since the Dodd-Frank Act was passed nearly eight years ago.
McConnell filed a motion on Thursday to advance legislation sponsored by Senate Banking Committee chairman Mike Crapo that would bring regional banks and other financial firms regulatory relief that they’ve sought for years. The bill revises many parts of Dodd-Frank, including relieving smaller lenders from some of the strictest and most expensive post-crisis oversight.
The banking panel approved Crapo’s bill with bipartisan support last year. The Idaho Republican told reporters Thursday that he is working on an amendment to incorporate changes passed by the House of Representatives. He said he has had discussions with Representative Jeb Hensarling, the Texas Republican who leads the House Financial Services Committee, about taking up the bill.