Padawanbater2
Well-Known Member
"The agreement also proposes exempting banks with less than $10 billion in assets from the so-called Volcker Rule which bans banks from speculating in markets with their own capital - despised by lenders for its heavy compliance costs.
Bankers, who have been lobbying hard for congressional regulatory relief under the business-friendly administration of Republican President Donald Trump, cheered the deal as a positive signal for the industry.
“While this legislation could go much further, ABA still views this bipartisan bill as an important first step in right-sizing the rules for America’s banks,” Rob Nichols, president and CEO of the American Bankers Association said in a statement.
...
Industry expectations on a final deal had been muted because Senate Republicans need eight Democrats to support their efforts in order to pass changes to the post-crisis rules. The Senate bill, which is more limited in scope than the House’s original proposal, has nine Democratic co-sponsors, meaning it is likely to pass into law.
Senate Banking Committee Chairman Mike Crapo struck the deal with a group of moderate Democratic senators including Joe Donnelly, Heidi Heitkamp, Jon Tester and Mark Warner, who took over the discussions with Crapo after the committee’s ranking Democrat, Sherrod Brown, walked away from the talks last week.
...
“I understand my colleagues’ interest in agreeing to this legislation, but disagree on the wisdom of rolling back so many of Dodd-Frank’s protections with almost no gains for working families,” Brown said in a statement."
Reuters
Bankers, who have been lobbying hard for congressional regulatory relief under the business-friendly administration of Republican President Donald Trump, cheered the deal as a positive signal for the industry.
“While this legislation could go much further, ABA still views this bipartisan bill as an important first step in right-sizing the rules for America’s banks,” Rob Nichols, president and CEO of the American Bankers Association said in a statement.
...
Industry expectations on a final deal had been muted because Senate Republicans need eight Democrats to support their efforts in order to pass changes to the post-crisis rules. The Senate bill, which is more limited in scope than the House’s original proposal, has nine Democratic co-sponsors, meaning it is likely to pass into law.
Senate Banking Committee Chairman Mike Crapo struck the deal with a group of moderate Democratic senators including Joe Donnelly, Heidi Heitkamp, Jon Tester and Mark Warner, who took over the discussions with Crapo after the committee’s ranking Democrat, Sherrod Brown, walked away from the talks last week.
...
“I understand my colleagues’ interest in agreeing to this legislation, but disagree on the wisdom of rolling back so many of Dodd-Frank’s protections with almost no gains for working families,” Brown said in a statement."
Reuters
