Senators Reach Deal to Ease Post-Crisis Rules on Some Banks

Senate Banking Committee member Sen. Mike Crapo R Idaho questions Wells Fargo Chief Executive Officer John Stumpf on Capitol Hill in Washington Tuesday Sept. 20 2016 during the committee's hearing. Stumpf was called before the committee for bet

Senate Banking Committee member Sen. Mike Crapo R Idaho questions Wells Fargo Chief Executive Officer John Stumpf on Capitol Hill in Washington Tuesday Sept. 20 2016 during the committee's hearing. Stumpf was called before the committee for bet

A bipartisan group of USA senators said on Monday they reached a tentative deal to ease some banking rules meant to protect consumers, a major step forward for efforts to roll back regulations enacted following the 2008 financial crisis. Its revisions include freeing midsized lenders from some of the strictest post-crisis regulations and cutting compliance costs for community banks. The Senate proposal would phase in the increase over 18 months, though banks with less than $100 billion in assets would get immediate relief. 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. Past GOP efforts to overhaul Dodd-Frank have failed because Democrats argued they went too far in gutting safeguards that are meant to protect consumers and to ensure Wall Street doesn't cause another meltdown.

A bipartisan group of senators on Monday unveiled a narrow deal to ease bank rules, including raising the asset level at which banks are subjected to enhanced supervision and other measures aimed at easing compliance for community banks. "I thank all of the senators who have joined with us to move this forward, and look forward to continuing our work to achieve a robust, bipartisan legislative product".

Raising the threshold would not only reduce costs for many banks but allow those that have hovered beneath the $50 billion threshold to do deals and expand their balance sheets without fear of being caught by stricter oversight.

Democrats: Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.), Jon Tester (D-Mont.), Mark Warner (D-Va.), Tim Kaine (D-Va.), Angus King (I-Maine), Joe Manchin (D-W.Va.), Claire McCaskill (D-Mo.), and Gary Peters (D-Mich.).

"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 nearly no gains for working families", Brown said in a statement.

Notícias recomendadas

  • Vanity Fair magazine appoints new editor

    Vanity Fair magazine appoints new editor

    While Time and Elle have tapped new top editors, the magazine world has anxiously been awaiting the pick for Carter's replacement. On Monday, Jones' most recent employer, the New York Times , described her hire at Vanity Fair as a "surprise choice".
    Dolphins and Panthers play Monday Night Football on KPUG

    Dolphins and Panthers play Monday Night Football on KPUG

    Larsen in lineup: Veteran Ted Larsen will make his Dolphins regular season debut against Carolina and will start at left guard. Both McDonald (suspension) and Larsen (injured reserve) missed the first eight games of the season.

    JP Morgan Chase & Co Increases BB&T Corporation (BBT) Price Target to $49.00

    Over the last five days, shares have faced -6.88% losses and now is up 1.11% since hitting its 200-day moving average of $45.44. Of the analysts who provided ratings, 16 rated the company a Hold, 1 rated it a Moderate Sell, and 4 rated it a Strong Buy.
  • Victoria writer Daisy Goodwin claims she was 'groped' during Downing Street visit

    Victoria writer Daisy Goodwin claims she was 'groped' during Downing Street visit

    Daisy Goodwin, creator of ITV royal drama Victoria , said she was pestered by the aide when David Cameron was prime minister. The official, "who was a few years younger than me", showed her into a room dominated by a portrait of Margaret Thatcher.

    Wasatch Advisors Inc Lowers Its Ownership in Cornerstone Ondemand (CSOD) Last Quarter

    Gradient Investments LLC purchased a new position in Cornerstone OnDemand during the second quarter worth approximately $177,000. Finally, BNP Paribas Arbitrage SA boosted its holdings in shares of Cornerstone OnDemand by 530.5% during the second quarter.
    The Irony in Kellyanne Conway Saying Abusers in Power Should Step Down

    The Irony in Kellyanne Conway Saying Abusers in Power Should Step Down

    "The conduct described should disqualify anyone from serving in public office and I'll stand by that", Conway replied. RADDATZ: And we'll get back to that. "Let me ask you again", Raddatz said. "Martha, I only know what I read".
  • 'Kung fu kick' Evra vows to return 'stronger than ever'

    'Kung fu kick' Evra vows to return 'stronger than ever'

    The ex-France worldwide wrote on Instagram: 'I just feel blessed, happy Monday, don't be lazy. Pastorello added: "Patrice does not see himself in Serie A after several years at Juventus".
    Gionee S11 images leak, show off bezel-less screen and dual cameras

    Gionee S11 images leak, show off bezel-less screen and dual cameras

    Gionee is holding an event on November 26 where it will be releasing 8 bezel-less smartphones on that very same day. The Gionee S11 smartphone was spotted on TENNA certification website and GFXBencmarking website sometime back.
    'The Greatest Showman': New Trailer Takes Hugh Jackman from Scoundrel to Superstar

    'The Greatest Showman': New Trailer Takes Hugh Jackman from Scoundrel to Superstar

    Hugh Jackman purses his dream of building a circus in the second trailer for upcoming musical, The Greatest Showman . The Greatest Showman from director Michael Gracey , is set to arrive in theaters on December 20 .
  • Pedestrian killed on I-5 identified as Portland woman

    Pedestrian killed on I-5 identified as Portland woman

    Medical personnel provided the bicyclist medical aid and transported him to an area hospital by ambulance. A pedestrian was killed by a vehicle in Southeast Portland on Sunday night, Portland Police confirmed.
    Buhari Disregards IPOB Threat, Insists On South-East Visit

    Buhari Disregards IPOB Threat, Insists On South-East Visit

    He said Buhari would commission some projects carried out by his administration during the visit, including roads and flyovers. In a welcome address, Minister of State for Education, Prof.
    Borussia Dortmund Reportedly Interested in Signing Emre Can

    Borussia Dortmund Reportedly Interested in Signing Emre Can

    Furthermore, Can's agent, Reza Fazeli, represents Dortmund coach Peter Bosz as well as midfielders Mahmoud Dahoud and Nuri Sahin. Can is into the final year of his current deal and looks unlikely to sign a new contract with the Merseyside outfit.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.