Partial rollback of financial reform law on track to pass Senate

10 March, 2018, 02:06 | Author: Conrad Doyle
  • Republican, Democrat senators look to rewrite Elizabeth Warren's history

Because the bill also includes relief for smaller community banks, exempting those with less than $10 billion in assets from the Volcker Rule, which restricts banks from speculative investments in hedge funds and other riskier products. They probably have outrage fatigue to thank for not getting greater pushback from their constituents, but it is still worth taking a look at some of the data points Democratic senators are using to justify their votes.

Angelides, who served as chairman of the Financial Crisis Inquiry Commission (from 2009 to 2011), which conducted the US inquiry into the causes of the 2008 financial crisis, told Senate Banking Committee Chairman Mike Crapo, R-Idaho - the bill's sponsor - in a Monday letter that he was "deeply troubled" by the potential passage of S. 2155.

While Republicans are all in favor of the bill, not all Democrats agree with Warren.

The bill does this by raising the threshold at which banks would be subject to these requirements.

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"There are places where we should do targeted changes in laws and regulations to make sure community banks don't have to endure regulations", Warren said in 2017 at the Wall Street Journal CFO Network Annual Meeting. Specifically, the senator said in June 2017 she would consider easing restrictions on small, community banks. Eight years after almost every Senate Democrat backed a sweeping set of new rules for financial firms large and small, the party is now split, with moderates, several of them facing tough midterm election contests, working with the opposing party.

Sen. Jon Tester, D-Mont., said he was proud to support Dodd-Frank eight years ago, and for the most part, the legislation was successful, but the bill also had unintended consequences, which he said included consolidation in the banking industry and a decline in small business lending.

In a pen-and-pad with reporters on Tuesday, four moderate Democrats - Heitkamp, Tester, Donnelly and Warner - tried to dispel mischaracterizations of the bill.

"Let's say you and I are a regional bank, and we have a $100-$125 billion of assets", CFRA analyst Ken Leon said.

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Other co-sponsors come from purple states, like Tim Kaine and Mark Warner of Virginia, Michael Bennet of Colorado, and Gary Peters of MI.

The banking industry cheered the legislation's progress on Tuesday. "But I believe a effect of it has been to accelerate consolidation of banks". Brown says the banking system is safer now as a result of Dodd-Frank and "this is going to make it less safe". "And that pressure on the Fed will lead to a systematic weakening of the rules for all the big banks".

The Senate bill would raise to $250 billion from $50 billion the asset threshold for banks to be subjected to stricter Federal Reserve supervision for systemically important financial institutions. But this is senseless spin-only about 25 banks fall into this category, and they are among the 38 biggest banks in the country.

The House passed a more comprehensive financial deregulation bill past year, but senators are hopeful that the House will accept the bill that they approve with only minor changes. Drafting the letter were Ally Financial, American Express, Bank of the West, BBVA Compass, BMO Financial Corp., Citizens Bank, Comerica Bank, Fifth Third Bancorp, Huntington Bancshares, KeyCorp, M&T Bank Corp., Regions Bank and SunTrust Banks Inc.

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