The Senate is slated to pass sweeping legislation this week to roll back key components of financial regulations put in place after the global financial crisis.
The passage of the legislation would be the most significant step taken by the Senate to help fulfill President Trump’s promise to loosen financial-industry regulations that the White House has said are holding back the economy. The bill, which has garnered bipartisan support, takes aim at 2010s Dodd-Frank Act and would free dozens of financial institutions from the strictest rules put in place by regulators after the financial crisis.
The legislation, sponsored by Sen. Mike Crapo (R-Idaho), chairman of the Senate Banking Committee, faces a procedural vote as early as Tuesday. Should it pass that hurdle, many expect it likely to receive the 60 votes necessary to pass the full Senate given the changes have Democratic support. The House has already passed legislation that would repeal larger chunks of Dodd-Frank, so proponents’ biggest remaining challenge may be to reconcile the House and Senate versions.