Midsize banks urge passage of Senate reg relief bill

08 March, 2018, 01:35 | Author: Dustin Murphy
  • US moves to ease Dodd-Frank oversight rules for small banks

Several Democratic lawmakers facing tough re-election races this year have broken ranks with Minority Leader Chuck Schumer of NY and Democratic Sen.

The non-partisan Congressional Budget Office found that the legislation could increase the chances of another bank bailout.

The Massachusetts Democrat, who worked with the Obama administration on banking industry regulations after the 2008 financial meltdown, raised concerns about how the legislation could impact us consumers and the economy during a Capitol Hill news conference. "By streamlining regulations, it will bring relief to the small financial institutions who have been hurt by Dodd-Frank's one-size-fits-all approach", he said. Currently, banks with at least $50 billion in assets are subject to the additional supervision. Jon Tester (D-Mont.). The legislation garnered support from a mix of centrist and red-state Democrats, who argued it would help small community banks and make it easier for Americans to buy a home by increasing access to capital.

The first significant bipartisan attempt to alter rules established after the 2008 financial crisis is turning into a battle on Capitol Hill, as some of the biggest Wall Street banks seek to weaken a crucial requirement aimed at ensuring that they can withstand financial losses. Elizabeth Warren (D-MA). That damage is why the bill on the floor this week would roll back the most costly regulations and requirements on the most vulnerable of banks.

"I don't see that trend changing with this new bill", May said.

"Dodd-Frank's enormous regulatory burden has been inefficient and unhelpful for financial institutions of all sizes, but it has hit Main Street lenders especially hard", Senate Majority Leader Mitch McConnell said. Four years after the passage of Dodd-Frank, the number of small banks, which provide almost half of the banking industry's small business loans despite holding less than 20 percent of its assets, had declined by 14.1 percent.

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

Warren and Brown both expressed frustration with those moderate Democrats for providing Republicans with the necessary votes to pass the bill.

"This bill is all about the big banks", she said, adding that the bill raises the risk of another financial meltdown.

The Fed's annual evaluation of the financial system would no longer apply to banks with less than $100 billion in assets. Lobbyists for the two banks are hoping to persuade lawmakers to change the bill to allow all banks that accept custodial deposits to take advantage of the exemption, according to people familiar with the banks' efforts who spoke on the condition of anonymity because they were not authorized to discuss those efforts. The arguments that Bove has been making publicly for years are the same specious ones being offered by the bill's co-sponsors, and the trade groups calling for a rollback of banking regulations: Banks are suffering and so, by extension, are consumers, businesses, and the economy at large.

The legislation was introduced in November after years of bipartisan negotiations among Sen. Their stated concern is the added rules, protections and compliance costs have overshot, causing financial firms to be less efficient and less profitable.

Twelve Democrats and one independent sponsored the bill with 13 Republicans.

Ten years after the financial crisis almost crashed the world's economy, Congress is removing some of the rules put in place to prevent a future crisis. They probably have outrage fatigue to thank for not getting greater pushback from their constituents, but it is still worth taking a look at some of the data points Democratic senators are using to justify their votes. The bill's supporters anxious adopting the amendments - many of them consumer protections - would cause the underlying bipartisan agreement to break apart.


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