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Dodd-Frank Act rule rollback makes its way through Congress

Joe Mont | May 23, 2018

Back in 2010, it took the support of a handful of Republicans—three to be exact—to pass the sweeping slate of post-financial crisis reforms known as the Dodd-Frank Act. This week, it took a coalition of Democrats to help advance a Republican-crafted rollback of the infamous legislation to President Trump.

On Tuesday, the House of Representatives voted 258-159 to pass the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

The House vote follows a March 15 vote in the Senate, which had already approved its version of the bill to loosen Dodd-Frank regulations on banks with up to $250 billion in assets. Those institutions, supporters say, are largely community banks ensnared by legislative redress that was initially targeted for large Wall Street and global banks.

Senate Banking Committee Chairman Mike Crapo (R-Idaho) called that version of the bill, which passed with a...

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