The Senate passed a bill to overhaul Dodd-Frank on Wednesday, as a bipartisan group of lawmakers forge ahead with plans to roll back some of the 2010 law’s banking provisions.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) has spearheaded the effort to loosen restrictions for certain financial institutions, particularly smaller banks. The bill will exempt banks with less than $250 billion in assets from tougher oversight by the Federal Reserve, including the central bank’s annual stress tests. Lawmakers are also seeking to ease the ratio of capital to debt that a bank must hold, among other measures.
The bill won approval with a 67-31 vote, sending it to the House.
“The bill provides much-needed relief from the Dodd-Frank Act for thousands of community banks and credit unions and will spur lending and economic growth without creating risks to the financial system,” the White House said in a statement.
Thirteen Democrats in the Senate have backed the bill, which has received broad Republican support. The bill’s fate in the House is less certain, as conservative Republicans are seeking changes. President Donald Trump “looks forward to discussing any further revisions the House is interested in making,” the White House said.