The legislation makes significant changes to the Dodd-Frank Wall Street Consumer Protection Act of 2010 by raising the compliance threshold from $50 billion to $250 billion.
Nevertheless, the bill isn't garnering rave reviews from all sides of the political spectrum.
"After years of bipartisan work to advance regulatory relief for the community banks and credit unions across IN, I'm pleased that the full Senate will debate the legislative package I negotiated", Donnelly said IN a statement.
The Washington Post said that Congress' desire to end the current bank regulations is a sign that the financial industry has clout not only with Republicans but Democrats as well. The bill attempted to shift the burden of major financial mistakes from taxpayers to market participants, ensuring those who partake in risky investment practices would bear the financial burden of their mistakes.
Texas Republican Rep. Jeb Hensarling tells CNN Tuesday the bill also helps smaller banks.
"There's Democratic and Republican support because the lobbyists have been pushing since the first day Dodd-Frank passed to weaken the regulations on these giant banks", she said during a morning press conference. The new bill would boost that threshold to $250 billion.
The proposed changes for the midsize banks include less stringent regulations on submitting plans for winding down if they fail (plans known as "living wills"); looser liquidity rules, which mandate that banks have easy access to safe capital in case their loans go south; and less frequent "stress tests", which gauge how prepared a bank is for a financial crisis.
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The feature got its start back in 2014 when a member of Qualcomm's CodeAurora forums submitted a patch for Bluetooth HID. And app devs can't create apps which are capable of making use of this service to double the smartphone for input.
The legislation exempts almost a dozen financial companies with assets between $50 billion and $250 billion from enhanced scrutiny by the Federal Reserve. He wrote in a letter to the Senate Banking Committee that it was too high, according to Keefe, Brunette & Woods analysts. But how will it actually affect the biggest banks, like Dow Jones industrial average components JPMorgan Chase (JPM) and Goldman Sachs (GS) as well as Bank of America (BAC), Citigroup (C) and others?
Angelides, who served as chairman of the Financial Crisis Inquiry Commission (from 2009 to 2011), which conducted the US inquiry into the causes of the 2008 financial crisis, told Senate Banking Committee Chairman Mike Crapo, R-Idaho - the bill's sponsor - in a Monday letter that he was "deeply troubled" by the potential passage of S. 2155. She also was a special adviser for the Consumer Financial Protection Bureau before winning election to the Senate in 2012.
In a pen-and-pad with reporters on Tuesday, four moderate Democrats - Heitkamp, Tester, Donnelly and Warner - tried to dispel mischaracterizations of the bill. Senator Elizabeth Warren, D-Massachusetts, is one of its more outspoken critics, calling it the #BankLobbyistAct on Twitter.
Warren added that "the bill lets lenders make peoples' lives a lot more miserable for one reason only: So that lenders can make bigger profits".
"A lot of the rules are really complicated and arcane and complex", Gelzinis said. "I want an open amendment process", she said. "But [such rules] are extremely important".