Senate Passes Bill Easing Dodd-Frank Rules for Banks

(From AP News)

The Senate passed bipartisan legislation Wednesday designed to ease bank rules that were enacted to prevent a relapse of the 2008 financial crisis that caused millions of Americans to lose their jobs and homes.

The Senate voted 67-31 for a bill from Republican Senator Mike Crapo of Idaho that would dial back portions of the law known as Dodd-Frank.

The legislation would increase the threshold at which banks are considered so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks are subject to stricter capital and planning requirements. Lawmakers are intent on loosening the restraints on them in hopes that it will boost lending and the economy.

President Donald Trump signaled that he’ll sign the bill once it gets through Congress. Dismantling Dodd-Frank was one of his campaign pledges.

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