Mar 15, 2018

Senate passes bill easing banking rules from financial crisis

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."

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America's small business bailout is off to a bad start

Illustration: Sarah Grillo/Axios

Websites have crashed, phones are jammed and confusion reigns as businesses rushed at today's kickoff to get their chunk of the $350 billion Paycheck Protection Program.

Why it matters: This is a race to save jobs in the present and the future, and to ensure that as many workers as possible keep their benefits and paychecks during the coronavirus lockdown.

Go deeperArrow43 mins ago - Health