Democrats Pitch in to Roll Back Dodd-Frank

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Posted To: MND NewsWire

The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) passed the Senate Wednesday on a bipartisan basis. Sixteen 16 Democrats and one independent joined 50 Republicans in voting “yes.” The bill rolls back some of the provisions of the 2009 Dodd-Frank Wall Street Reform and Consumer Protection Act , especially some of the regulations aimed at smaller banks. The bill must now pass the House, where Financial Services Committee Chairman Jeb Hensarling (R-TX) has demanded many of the bills loosening other regulations that earlier passed the House be included in the Senate version. The President has already announced he will sign whatever passes both chambers. The bill raises the size of institutions deemed systemically important , i.e. “too big to fail,” from $50 billion to…(read more)

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