News

Bill to Roll Back Post-Financial Crisis Banking Rules Gets Clear Path to Passage - ABI

The House will take up a Senate-passed bill rolling back banking regulations, breaking an impasse that imperiled passage of the legislation that is backed by the White House, Republicans and some Democrats, the Washington Post reported. House Speaker Paul D. Ryan (R-Wis.) told reporters yesterday that an agreement had been reached and that “we will be moving the Dodd-Frank bill” along with a companion package of legislation supported by House Financial Services Committee Chairman Jeb Hensarling (R-Tex.). Hensarling had been pushing to amend the Senate version of the bill undoing or shrinking portions of the Dodd-Frank Act that was passed in the wake of the financial crisis a decade ago. But the bipartisan coalition of senators who got the bill through the Senate — over the objections of liberals like Sen. Elizabeth Warren (D-Mass.) — warned that changing their delicate compromise would end up killing the bill. In the end, Hensarling backed down, leaving the legislation a clear path to passage. It has moved through the Senate and appears to have plenty of support to pass the House. The House will now vote on the Senate’s version of the bill unchanged and send it to President Trump for his signature.

Back to News »