Thursday, 21 June, 2018


Trump signs biggest rollback of bank rules since Dodd-Frank act

Tenney, Brindisi respond to Dodd-Frank rollbacks Trump signs Dodd-Frank rollback: 'We are unleashing the economic potential of our people'
Conrad Doyle | 26 May, 2018, 05:05

Trump notched the win on banking rules as reaction swirled over his abrupt diplomatic turn earlier Thursday in canceling next month's summit with North Korean leader Kim Jong Un.

The new law raises the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Banks larger than $50 billion dollars in capital were considered too critical to the US financial system to fail without catastrophic results to the economy.

He predicted it would usher in an economic boom for small businesses.

Since Dodd-Frank was passed in 2010, 45% of checking accounts in the USA were opened by just three banks, he said. Mike Crapo, chairman of the Senate Banking Committee, and Democrats including Montana Sen.

The House voted 258-159 on Tuesday to approve legislation rolling back the law. The bill passed the Senate with support from 17 members of the Democratic caucus, but it was fiercely opposed by progressives in an at intraparty fight that at times turned personal.

But former Rep. Barney Frank, D-Mass., himself has said that the new law amounts to only a "little number" on his signature legislation, though Trump argued Thursday that he was keeping his commitment to "rescue these community banks from Dodd-Frank, the disaster of Dodd-Frank".

The law makes a fivefold increase, to $250 billion, in the level of assets at which banks are deemed to pose a major threat if they fail.

The legislation eases regulations on all but a handful of the nation's largest banks for the first time since the 2008 financial crisis.

The White House says it hopes Trump will receive the bill before Memorial Day to speed its signing. Most of that law's core provisions remain intact, and the new law's language is primarily aimed at helping smaller community banks, while preserving stricter rules for the biggest banks on Wall Street.

But critics say the likelihood of future taxpayer bailouts will be greater now that curbs have been eased.

Eventually, the exempted banks will no longer have to undergo an annual stress test conducted by the Federal Reserve. "Dodd-Frank was something they said could not be touched", Trump said.

Tenney said her two bills "actually reduce some of the one-size-fits-all regulatory burden that Dodd-Frank put on our small community banks". Christopher Dodd of CT and Democratic Rep. Barney Frank of MA, boosted government oversight of banks.

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