US advances legislation to ease rules for banks, the first since the 2007-09 crisis
Washington — A US Senate committee advanced legislation on Tuesday that would ease financial rules for banks for the first time since the 2007-09 financial crisis. The Senate banking committee advanced the legislative package by a vote of 16 to seven, where it now heads to the full Senate for consideration. The bill would ease regulatory requirements for banks with less than $250bn in assets, among other changes to rules imposed by the 2010 Dodd-Frank financial reform law. The bill is supported by nearly every Republican in the Senate and at least 12 Democrats, making its passage extremely likely. The high likelihood the changes become law has led to intense lobbying by industry groups eager to see legal changes included in the measure that they view as beneficial. More than 100 amendments were proposed to the bill, primarily by Democrats looking to trim favourable provisions for banks and boosting consumer protections. But the four moderate Democrats on the committee joined with th...
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