‘Much-Needed Relief’

‘A Rare, Bipartisan Agreement Years In The Making,’ ‘The Biggest Change To The 2010 Dodd-Frank Financial Reform Law Since It Was Signed’

SEN. MIKE CRAPO (R-ID): “The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy. The passage of this legislation holds real promise for families across America…” (Sen. Crapo, Press Release, 12/5/2017)

‘Bipartisan Agreement Years In The Making’

“The Senate is expected this month to approve the most significant rollback of postcrisis financial rules since Republicans took control of Washington last year. The bipartisan legislation, supported by the Trump administration and top Federal Reserve officials, would relax dozens of rules for small to medium-size banks, shaking up the banking sector... A central piece of the bill could relieve about two dozen regional banks from stricter rules put in place by the 2010 Dodd-Frank financial law, which sought to prevent another financial crisis with restrictions across the industry. The bill will raise the threshold at which banks face tighter oversight to $250 billion in assets from the current $50 billion—a victory for midsize banks, which have long said they shouldn’t be lumped in with the largest banks.” (“Senate Readies Rollback Of Bank Rules,” Wall Street Journal, 3/1/2018)

“…a rare, bipartisan agreement years in the making that would relax a number of banking regulations enacted after the 2008 financial crisis. The deal was driven by Senate Banking Chairman Mike Crapo (R-Idaho) and a handful of red-state Democrats who have long argued that the rules were stifling lending for their rural constituents.” (“Senators Reach Rare Bipartisan Deal To Ease Banking Rules,” Politico, 11/13/2017)

  • “‘Literally, from the night of the conference on Dodd-Frank, there have been discussions about the need to go in and make some fixes,’ said Senate Banking Chairman Mike Crapo, the lead author of the deregulation bill. ‘Almost absolute resistance’ by President Barack Obama and former Senate Majority Leader Harry Reid stopped it from happening sooner, Crapo said. … ‘We have been negotiating for about four years,’ said Crapo...” (“Victory In Sight For Democrats Defying Warren On Bank Bill,” Politico, 3/05/2018)

‘The Biggest Change To The 2010 Dodd-Frank Financial Reform Law Since It Was Signed’