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The New York Stock Exchange. Photo: BRYAN R. SMITH / AFP / Getty Images

The Senate on Tuesday passed a proposal with bipartisan support to significantly roll back Obama-era regulations intended to prevent another financial crisis by imposing restrictions on banks.

Why it matters: The bill, which has the support of President Trump and top Federal Reserve officials, now heads to the House. It may be modified there, but is very likely to pass in some form. This is the most significant step to revamp financial rules since Republicans took control of Washington last year, the Wall Street Journal notes.

The changes, per WSJ:

  • The Senate measure would increase the regulatory threshold at which banks face tighter oversight to $250 billion in assets from the current $50 billion.
  • It would eliminate restrictions in the 2010 Dodd-Frank financial law meant to limit damages institutions could cause to the economy.
  • It gives the government some discretion to closely monitor "banks in the $100 billion to $250 billion range depending on their perceived risk levels."
  • A number of smaller banks would avoid certain elements of federal oversight.

What they're saying:

  • The bill has exposed a divide among moderate Democrats — some of whom supported the measure — and liberals who opposed it. Opponents, like Sen. Elizabeth Warren (D-Mass.), say it would only bring unnecessary risk to the financial system and harm consumers.
  • Supporters say it would increase lending and boost the economy, and also help small institutions that are struggling under regulations primarily aimed at larger banks.

White House press secretary Sarah Sanders lauded the bill's passage in a statement. “The bill provides much-needed relief from the Dodd-Frank Act for thousands of community banks and credit unions and will spur lending and economic growth without creating risks to the financial system,” she said.

Go deeper

Momentum builds to ban lawmakers from trading stocks

Illustration: Sarah Grillo/Axios

Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it's unlikely that leadership will bring the bill up for a vote.

Why it matters: Members of Congress have great power to move stock prices, and great financial incentives to do so.

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: The Weather Prediction Center said in a storm summary Monday that winter storm warnings are still in effect for portions of the Central Appalachians, Ohio Valley, interior Mid-Atlantic, and Northeast, while portions of the Central Appalachians and coastal New England are under high wind warnings.

Colleyville Rabbi credits survival to active-shooter training

Rabbi Charlie Cytron-Walker, one of the people taken hostage in a synagogue outside Fort Worth on Saturday, said in an interview with CBS Monday that he initially took in the man because he thought he needed shelter.

The big picture: Cytron-Walker said he spoke to the hostage taker, identified by the FBI as 44-year-old British national Malik Faisal Akram, for several minutes and made him tea before Akram took the rabbi and three other people hostage during Shabbat services for around 11 hours in Colleyville, Texas.