News

Politics & Policy

Bipartisan Dodd-Frank Reform Bill Moves to Trump’s Desk

President Donald Trump signs a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House on May 8, 2018. (Jonathan Ernst/Reuters)

The House of Representatives approved Tuesday a bill that loosens the post-financial crisis Dodd-Frank regulations on small and medium size banks, sending the legislation to President Trump in a rare show of bipartisanship.

The bill, which passed 258-159, exempts small lenders from much of the Dodd-Frank regulatory burden and raises the asset threshold at which medium-size regional banks face stricter regulations, in the first substantial change to the 2010 law.

The bill, which disappointed many Republicans hoping to entirely dismantle the main pillars of Dodd-Frank, now moves to Trump’s desk for his signature, providing him the opportunity to make good — at least in part — on his vow to “do a big number” on the post-financial crisis regulatory regime.

Supporters of the relaxed regulations claim they will spur increased lending and result in economic growth, while detractors argue they represent the first step in a backslide toward the regulatory environment that allowed the financial crisis to occur.

“For far too long, far too many people in our country have struggled to make ends meet,” Representative Jeb Hensarling, chairman of the House Financial Services Committee, said in a statement. “They’ve struggled to buy a car; they’ve struggled to buy a home; they’ve struggled for their version of the American dream. But today, that changes.”

Representative Maxine Waters (D., Calif.) cast the legislation as another hand out to Wall Street at the expense of the working class. The bill “benefits Wall Street and the nation’s largest banks, which are posting record profits,” Waters said.

The bill will free some two-dozen regional banks from strict capital requirements and other regulations by raising the threshold at which those rules are implemented from $50 billion to $250 billion in assets.

Another hotly contested central feature of the legislation exempts small mortgage lenders from certain data-reporting requirements — a concession progressive critics argue will detract from regulators’ efforts to police racial discrimination in lending.

Most Popular

Film & TV

The Mob Gets Kevin Hart

This week, shortly after being tapped to host the Oscars, Hollywood star Kevin Hart found himself on the wrong side of the woke social-justice warriors. His great sin: Years ago, he tweeted jokes referencing homosexuality. More egregiously, in 2010, he did a comedy bit in which he discussed not wanting his son, ... Read More
PC Culture

America Is Intolerably Intolerant

When you think of the sheer vindictiveness of what happened to Oklahoma quarterback Kyler Murray, it takes your breath away. On the very night of his greatest career triumph, a reporter dug up his old tweets (composed when he was a young teenager), reported on the most offensive insults, and immediately and ... Read More
Film & TV

Aquaman Stinks Like Last Month’s Fish

A  major plot point in Aquaman is the tidal wave of garbage with which the undersea folk attack us surface dwellers. These two groups are spoiling for a fight, but I always thought Warner Bros. and I got along pretty well. What did I do to deserve the tidal wave of garbage that is Aquaman itself? I refuse to ... Read More