Emboldened by Trump, Banks Push to Throw Off Old Rule Constraints

(From Reuters)

Emboldened by President Trump’s pledge to loosen laws introduced following the 2007-2009 global financial crisis, U.S. banks are pushing to scrap or revise more than a dozen other lesser-known rules they say are outdated, costly and hurt economic growth.

Many would have been revised a decade ago, but changes were shelved during the financial crisis and the fierce political battle over the 2010 Dodd Frank Act that imposed a new layer of restrictions.

With Congress now poised to pass the first rewrite of Dodd Frank backed by key Democrats, and as Trump-appointed regulators strike a much more industry-friendly tone, banks see the changing atmosphere as an opportunity for a sweeping overhaul.

Laws targeted by banks include the Civil War-era False Claims Act; the 1933 Securities Act; the Federal Deposit Insurance Act of 1950; the 1956 Bank Holding Company Act; the Bank Secrecy Act of 1970; a raft of lending laws including the 1977 Community Reinvestment Act; the 1991 Telephone Consumer Protection Act; the 2001 Patriot Act and the Sarbanes-Oxley Act of 2002, among others.

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