What's in the Senate Financial-Regulation Bill

08 March, 2018, 01:36 | Author: Essie Rivera
  • Republican, Democrat senators look to rewrite Elizabeth Warren's history

The bill doesn't go almost as far as many Republicans and some in the finance industry would like, leaving big Wall Street firms in particular close to empty handed.

Republican and Democratic senators have one major target on the agenda this week: Retooling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

The bill does this by raising the threshold at which banks would be subject to these requirements.

Congress is set to give a bunch of banks more of what they want - which is to say, fewer regulators in their lives - with legislation making its way through the Senate this week.

"At this point, we make too many business decisions based on regulations versus serving the client", bank president Larry W. Myers said in a statement. "It signals the next round in the Dodd-Frank wars".

"Our banks do not threaten USA financial market stability, and we should not be subjected to the same regulatory regime as larger banks with more complex and interconnected business models", the banks added.

Sen. Mike Crapo, above, and four moderate Democrats on the panel negotiated the deal that resulted in the bill that passed out of the Banking Committee in December. Senator Elizabeth Warren, D-Massachusetts, is one of its more outspoken critics, calling it the #BankLobbyistAct on Twitter.

"All community banks would like to see some rollback", May said. The smaller banks have held their own, but we're operating with 2000 less community banks a day than we were 12, 15 years ago. As it is now worded, it would most likely apply to just three banks, all of which take deposits primarily from large asset managers and other banks, rather than Main Street customers, and are known as custody banks. Bank of New York, State Street and Northern Trust are the three banks that would clearly benefit, according to the CBO.

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I poked some fun yesterday at how JPMorgan Chase and Bank of America appear to be ignoring consumer trends in their push to expand the brick-and-mortar branch networks. "And so we didn't even get all of the regional banks included in this bill". Warren said that is the case because lobbyists have convinced lawmakers that it's a good bill. After 18 months, those requirements would no longer apply to banks with assets ranging from $100 billion to $250 billion.

Whether the language is broadened or not, the presence of a carve-out has made supporters of the law's original capital requirement nervous.

"In a certain respect, this bill is a ideal complement to tax reform - further expanding opportunities for American families, communities, and small businesses", he said Tuesday on the Senate floor.

"This is not a tweak", said Sheila C. Bair, former chairwoman of the Federal Deposit Insurance Corp. The rules would make it easier for big banks to buy municipal bonds, the Wall Street Journal noted. Exemptions in the bill would allow certain banks to run a far larger share of their trading and legalistic wagering with debt as fuel.

The truly biggest banks - Goldman Sachs, JP Morgan, CitiGroup - have balance sheets well beyond $250 billion, and will not benefit from that change.

"This bill wouldn't be on the path to becoming law without the support of these Democrats".

The Crapo bill contains a host of other provisions, including one that would reduce data collection used to detect discriminatory lending practices and others that Democrats say would protect consumers.

Seventeen members of the Democratic caucus joined almost all Republican senators on Tuesday in voting to advance the Economic Growth, Regulatory Relief, and Consumer Protection Act, a bill that was co-sponsored by Senate Banking Committee Chair Mike Crapo (R-Idaho) and committee member Sen. "As someone who helped put together the Dodd-Frank legislation, I know there are areas where we can help improve access to capital for consumers, farmers, and small businesses so they can grow the economy and create jobs", said Sen.



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