CNN, March 14, 2018: Senate votes to roll back parts of Dodd-Frank banking law
The Senate on Wednesday passed sweeping changes to a swath of rules adopted in the wake of the 2008 financial crisis.
The bill raises the threshold at which banks are considered too big to fail. That trigger, once set at $50 billion in assets, would rise to $250 billion. It would leave only a dozen US banks — including JPMorgan Chase, Bank of America and Wells Fargo — facing the strictest regulations.
The measure would also shield more than two dozen banks from some Fed oversight under the 2010 Dodd-Frank regulatory law. Those banks would no longer be required to have plans to be safely dismantled if they fail. And they would have to take the Fed’s bank health test only periodically, not once a year.
The legislation will now move to the House, where it will need to be reconciled with possible fixes proposed by Rep. Jeb Hensarling, chairman of the House Financial Services Committee.
