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Senate passes bill easing banking rules from financial crisis

Schumer, McConnell
Schumer and McConnell in the Capitol. Photo: Tom Williams / CQ Roll Call

"Congress moved a step closer to relaxing the wave of crisis-era restrictions placed on the banking industry, ... with Senate approval of a bipartisan plan to ease rules for small and midsize banks," per the Wall Street Journal.

Why it matters: "The bill, which has a good chance of becoming law, would be the most significant revamp of financial rules since Republicans took control of government last year."

  • "Approved on a 67-31 vote, it seeks to cut red tape and relieve lenders from some of the most onerous rules put in place after the financial crisis, including restrictions meant to limit the damage firms could cause to the economy."
  • "Seventeen centrists from the Democratic caucus supported the bill, bucking the party’s liberals who eight years ago approved a sweeping legislative package meant to prevent another financial meltdown."

Rob Nichols, president and CEO of the American Bankers Association, said the strongly bipartisan vote provides a formula for other accomplishments in a gridlocked age:

  • Over years of fly-ins and other Capitol visits, bankers from around the country provided lawmakers with data-rich, fact-based, artful arguments.
  • Nichols: "Dodd-Frank isn't scripture. It can be improved."