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ARTICLE · 24 MAY 2018

Congress OKs Sweeping Rewrite Of Dodd-Frank

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The House voted Tuesday to give final congressional approval to a sweeping rewrite of the nation's banking rules that would roll back key elements of Dodd-Frank but still leave most of that 2010...

United StatesConsumer Protection
Christian B. Jones
Christian B. Jones
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The House voted Tuesday to give final congressional approval to a sweeping rewrite of the nation's banking rules that would roll back key elements of Dodd-Frank but still leave most of that 2010 law on the books.

The White House said earlier this week that President Donald Trump would sign into law the "Economic Growth, Regulatory Relief and Consumer Protection Act," which won House approval 258-159 as 33 Democrats and 225 Republicans voted for the bill. Administration officials say the legislation effectively recalibrates regulation and risk in the financial services sector while promoting economic growth and new jobs.

Senate Banking Committee Chairman Mike Crapo, R-Idaho, said the bill "right-sizes" regulations for smaller financial institutions, allowing community banks, credit unions and mortgage lenders to grow.

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