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

Senator Mike Crapo announced a bipartisan deal Monday to free dozens of large financial institutions from some of the most rigorous regulations put in place after the global financial crisis

Senator Mike Crapo announced a bipartisan deal Monday to free dozens of large financial institutions from some of the most rigorous regulations put in place after the global financial crisis

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.

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