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Bill targets ‘burdensome’ Dodd-Frank regulations, SIFI designations

Joe Mont | October 4, 2017

Bipartisan legislation authored by senators Claire McCaskill (D-Mo.) and David Perdue (R-Ga.), the System Risk Designation Improvement Act of 2017, targets what they say are “commonsense fixes” for financial rules put in place by the Dodd-Frank Act, “rules that were never intended for banks that primarily engage in ordinary consumer banking practices.”

The bill gives the Federal Reserve the flexibility to exempt banks not designated as Globally Systemically Important Banks (G-SIBs) from reporting requirements and merger and acquisition limitations imposed by the Dodd-Frank law on institutions with more than $50 billion in assets. Currently, any financial institution with $50 billion in assets face stronger capital requirements and other regulatory burdens. The senators’ legislation would test larger financial institutions in a five-factor test: size, interconnectedness, substitutability, global cross...

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