10 March, 2018
Following the 2008 financial meltdown, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act to crack down on the worst Wall Street abuses and institute strict regulations to prevent another crisis. Sen. Lawmakers in the Republican-led House would still need to approve the measure before it comes law.
The bill aims to ease restrictions on smaller banks while leaving many regulations on larger banks in place, but May isn't sure that will stop the consolidation of banks. Senior Democrats said it was an attempt to deregulate big banks that caused the 2008 crash, inviting similar disaster.
Decide for yourself. Here's what's in Senate Bill 2155.
Currently, banks with at least $50 billion in assets are subject to the additional supervision.
"The Senate - with the support of some Democrats - is set to start debate on a bill to roll back regulations on the same big banks we bailed out a few years ago". "The American people have not forgotten". Warner played an important role in negotiating and drafting major portions of this legislation, which created new safeguards to protect our financial system and hold Wall Street accountable.
Pat Toomey, a Pennsylvania Republican who chairs a key banking subcommittee, touted the measure as "progress" toward providing relief from regulation for small credit unions and regional banks. Brown says the banking system is safer now as a result of Dodd-Frank and "this is going to make it less safe".
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The legislation would increase the threshold at which banks are considered too big to fail.
"We welcome today's strong bipartisan vote in the U.S. Senate to begin debate on S. 2155", said American Bankers Association President and CEO Rob Nichols. The CBO notes that this scenario is unlikely in any given year, but it says the bill makes it more probable.
"That one word change will allow the banks to sue the Fed if they don't weaken the rules the way the banks want", Warren said. "I'm between concerned and alarmed about what my colleagues are doing on weakening bank rules".
The possibility came up because the centrepiece of the bill is the loosening of some of the tougher Dodd-Frank requirements for banks with between $50 billion and $250 billion in assets, a provision meant to provide relief to regional banks like Suntrust or Fifth Third Bank that are large but quite different from Wall Street megabanks.
The non-partisan Congressional Budget Office found that the legislation could increase the chances of another bank bailout.
"CBO estimates that the probability is small under current law and would be slightly greater under the legislation", it said. Warren said that is the case because lobbyists have convinced lawmakers that it's a good bill. "That's just fundamentally wrong".
Unlimited free credit freezes and unfreezes, which helps consumers impacted by data breaches like the Equifax hack that compromised the personal information of approximately 145 million Americans. "So, our hope is that regulation can be decreased, and that we are able to take that capital that we save and invest it back into our communities", said Alice Frazier, President & CEO of Bank of Charles Town in Middleburg.