House to take up Dodd-Frank rewrite 'soon'

[Swordsmyth]

The U.S. House of Representatives will soon take up a bill easing banking rules adopted after the decade-old global financial crisis, House Speaker Paul Ryan said on Tuesday.

"We will be moving the Dodd-Frank bill," Ryan told reporters at his weekly news conference, without specifying a timeline. The bill will be voted on "soon," he said.
The Senate voted 67-32 in March to endorse a bipartisan bill that would ease oversight of small and mid-sized banks, the first rewrite of the Dodd-Frank reform law enacted after the 2007-2009 financial crisis.
House Republicans want to go further than the Senate legislation. They want to reduce compliance costs for banks and make it easier for small companies to raise capital.

More at: https://www.yahoo.com/news/house-dodd-frank-rewrite-soon-says-speaker-ryan-172459330--finance.html

[Swordsmyth]

The House is expected to finalize the largest package of Wall Street banking reforms since the financial crisis on Tuesday, rolling back regulations on financial firms from community banks to credit reporting agencies.
The legislation — most commonly referred to as the Crapo bill after its author, the Senate banking committee chair Mike Crapo — is the result of more than a year of negotiations among House Republicans, Senate Republicans, and a group of Senate Democrats that support the measure. It is expected to pass, which would then send the legislation to President Donald Trump's desk for his signature.
Proponents of the deregulation bill say the measure will free up regional banks to provide consumers access to credit and help boost the economy.
Opponents, including many progressive Democrats, argue that the bill undermines crucial protections passed in the Dodd-Frank Act and could help lead to a repeat of the financial crisis.
A deal between the House and Senate sealed the bill's passage The House passage looks set to come after disagreement between conservative House members and a more moderate bipartisan group that helped pass the bill in the Senate.
Rep. Jeb Hensarling, the chair of the House Financial Services committee, and other conservative-leaning House GOP members have long sought a more complete rollback of regulations for all types of financial institutions. But since the more modest bill advanced in the Senate with 17 Democratic votes, anything more extensive than the current bill was likely a non-starter.
As a compromise, House Speaker Paul Ryan promised Hensarling votes (http://thehill.com/policy/finance/386703-ryan-house-and-senate-have-struck-deal-on-dodd-frank-rollback) on additional financial services reform bills — many of which are expected to go nowhere in the divided Senate.

More at: http://www.businessinsider.com/wall-street-bank-deregulation-crapo-bill-house-vote-details-2018-5?amp%253Butm_medium=referral

[Swordsmyth]

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President Trump (http://thehill.com/people/donald-trump) on Thursday signed a bipartisan bill to loosen key portions of the Dodd-Frank Act of 2010, cementing the first major changes to President Obama’s landmark banking laws.

Trump enacted the legislation during a White House ceremony two days after the House of Representatives passed the bill to exempt dozens of banks from strict federal regulation.

Trump had pledged to “dismantle” Dodd-Frank, a law long targeted by Republicans, and touted the bill he signed as the first step in that process. While the bill will release dozens of banks from stronger Federal Reserve oversight, it falls well short of the president’s vow to repeal and replace Dodd-Frank.

More at: http://thehill.com/policy/finance/389212-trump-signs-dodd-frank-rollback