Democrats split on rolling back Wall Street reform bill

Aaron Brown
March 10, 2018

Roughly all 51 Republican senators are expected to back Crapo's bill, and Republican leadership is counting on at least 12 Democrats to vote for the measure. It will then go to the House, where lawmakers would also have to approve it for it to reach Trump's desk.

Republican leaders said the bill would boost small banks and businesses.

"This banking bill is a disaster".

But enough Democrats have joined Republicans in the Senate to almost ensure the bill's passage when it comes up for a vote later this week.

The legislation exempts almost a dozen financial companies with assets between $50 billion and $250 billion from enhanced scrutiny by the Federal Reserve.

While the legislation contains a few consumer-friendly provisions - such as the right to a free credit freeze - Gelzinis said they're "crumbs compared with the benefits seen by the largest financial institutions".

Warren questioned during her Tuesday press briefing why 11 of her Democratic colleagues supported the bill, which they say will help community banks. "The American people have not forgotten. The millions of people who lost their homes; the millions of people who lost their jobs; the millions of people who lost their savings, they remember and they do not want to turn lose the big banks again".

As it stands now, the "big issue" is whether the Republicans will allow amendments to the bill, Warren said, adding that she's got a "dozen" amendments ready to go.

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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.

The Department of the Treasury released a 57-page proposal that did not fully repeal Dodd Frank, keeping a crucial provision that allows the Federal Deposit Insurance Corporation (FDIC) to take control of an insolvent bank and restructure it using federal money. The legislation would increase the threshold at which banks are considered too big to fail and are subject to stricter regulations. "And it should not be regulated like a community bank", Warren said.

"While we believe that the best solution is to remove an arbitrary test and replace it with the Federal Reserve's business model review", their letter said, "we appreciate the significant change proposed in S. 2155 that better matches regulations to a firm's risk profile". But this is senseless spin-only about 25 banks fall into this category, and they are among the 38 biggest banks in the country.

The Democrat pointed to the Congressional Budget Office's score of the legislation, which she said found that it would increase the chances of a big bank failing and put taxpayers on the hook for millions.

"CBO estimates that the probability is small under current law and would be slightly greater under the legislation", it said. Make no mistake: The bill puts America at risk of another recession. "Particularly when it comes to how we collect data and how we deal with consumers".

Sen. Mike Crapo, above, and four moderate Democrats on the panel negotiated the deal that resulted in the bill that passed out of the Banking Committee in December.

"Congress's appetite for pulling back bank regulations shows the renewed clout of the financial sector in Washington, not just in the GOP but also among Democrats".

Other reports by Free-Prsite

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