House Passes Roll Back Of Banking Regulations; Trump To Sign

WASHINGTON, DC — The GOP-led House has passed a bill that eases regulations on the banking sector and the legislation now heads to President Donald Trump, who says he'll sign it into law. The bill eases rules on all but the largest banks, CNBC reported.

The key structure of the original law — created in response to the 2008 financial crisis — will remain intact, but the new measure weakens the Dodd-Frank banking regulations. Some small and regional banks would no longer have to abide by the strictest regulations, for instance, and rules designed to protect the biggest banks from abruptly collapsing would be loosened, The Washington Post reported.

Currently, banks are deemed too big to fail if they have a $50 billion threshold. This bill raises that threshold to $250 billion.

Those banks would also be exempt from having to undergo stress tests or submit so-called "living wills," which were created to be safety valves in cases of a financial collapse.

The measure passed in the House by a vote of 258 to 159 on Tuesday. Nearly every Republican lawmaker voted for it along with 33 Democrats.

The Senate approved the bill in March with bipartisan support.

Big legislation will be signed by me shortly. After many years, RIGHT TO TRY and big changes to DODD FRANK.
— Donald J. Trump (@realDonaldTrump) May 23, 2018

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