News

Actions

Congress passes bill to roll back Dodd-Frank banking rules

Posted: 9:20 PM, May 22, 2018
Updated: 2018-05-22 23:20:09-04

Congress has moved to dismantle some key rules for banks that were installed to prevent a replay of the 2008 financial crisis.
  
The House voted 258-159 to approve legislation rolling back the landmark Dodd-Frank law, sending the bill to President Donald Trump. He is poised to sign it into law to deliver on a campaign pledge of gutting Dodd-Frank.
  
The Republican-led bill, which already cleared the Senate in March, garnered votes from some House Democrats.
  
The legislation increases fivefold, to $250 billion in assets, the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks currently are subject to stricter capital and planning requirements.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)