Democrats split on rolling back Wall Street reform bill

UNITED STATES- MARCH 6 Sen. Elizabeth Warren D-Mass. holds a news conference in the Capitol on banking deregulation legislation on Tuesday

The bill has something for (and against) everyone, in part because there is much debate about how big is too big for a financial institution. They probably have outrage fatigue to thank for not getting greater pushback from their constituents, but it is still worth taking a look at some of the data points Democratic senators are using to justify their votes.

Sherrod Brown, the top Democrat on the Senate Banking Committee. In her press conference she outlined those to be 1) consumers, 2) big bank gains from the bill, and 3) Congress' history of deregulation.

The bill would change the regulatory framework for small depository institutions with assets under $10 billion (community banks) and for large banks with assets over $50 billion, as well as revise consumer mortgage and credit-reporting regulations and the authorities of the agencies regulating the financial industry. A major feature of the bill is exempting about two dozen financial companies with assets between $50 billion and $250 billion from the highest levels of regulatory scrutiny from the Federal Reserve. After 18 months, those requirements would no longer apply to banks with assets ranging from $100 billion to $250 billion. That bracket includes operations like SunTrust and American Express. "This bill wouldn't be on the path to becoming law without the support of these Democrats", she wrote on Twitter. So House Republicans will be under pressure to acquiesce to a bill that can get through the Senate.

The Senate approved a procedural motion on a 67-to-32 vote and will move soon to formal debate on the bill, which could start immediately, if there is cooperation and agreement.

Not every Democrat is supporting the bill. Elizabeth Warren, a Massachusetts Democrat and a leading liberal who is a vocal critic of changing the law.

The CBO report says those exemptions make it more likely a bank would collapse and lead federal officials to stabilize it with public funds.

So who exactly will benefit from the bill? He says it's "a very modest recalibration that's going to help community banks and credit unions".

"This election has nothing to do with this", said Senator Jon Tester, Democrat of Montana.

"I think if we miss this opportunity, it has dramatic negative impacts on rural America, and I've got to tell you we have enough challenges in rural America".

"The bottom line is that S. 2155 does not require the deregulation of foreign banks, but they will no doubt be deregulated, which will once again put US taxpayers on the hook for bailouts of foreign banks rather than the taxpayers of those foreign countries", he said.

Kansas Republican Jerry Moran told a story on the Senate floor about ranchers who lost their cattle in a fire and thus did not have collateral to get loans, even if their local bankers would have traditionally made the loan.

The rule would also relieve many banks of the responsibility of putting together so-called "living wills", or the plans that detail how a bank would dissolve, if it needed to, without dragging the economy down with it. "I want an open amendment process", she said.

"This legislative package demonstrates that this committee, and the Senate as a whole, has within itself the ability to break through gridlock and solve hard issues if we work together in good faith", Donnelly said during the banking committee's consideration in December. "We've seen the regulation bleed down".

Decide for yourself. Here's what's in Senate Bill 2155.

Proponents of the Dodd-Frank law have sharply criticized the bill, arguing it would weaken protections aimed at keeping the financial system safe from another crisis.

Warren said: "I don't understand how anyone regardless of political party could support a bill like that".

Related News:



Most liked

Google Lens Rolling Out to Every Android Phone, iOS Coming Soon
There will also be quick replies within the notification preview for a message, allowing you to quickly respond to a message. By doing this, users can maintain contact with others without having to jump out of another app they may be using.

Dems, GOP Leaders Worried About Trump's Tariff Plan
We're not backing down, Mexico is, uh, we've had a very bad deal with Mexico, a very bad deal with Canada , it's called NAFTA. Germany warned against protectionist measures, which it said "would inflict pain" on both sides of the Atlantic.

Vehicle ploughs into pedestrians - two children killed, pregnant woman critical
Witnesses said she appeared to be in her mid-30s. "It's really, really sad what happened today", Mayor Bill de Blasio said. The driver apparently attempted to take off after hitting the victims, but crashed into another vehicle.

IPFT gives cold response as BJP announces Tripura CM
Agitating mob completely demolished a statue of Lenin in South Tripura's Belonia town on Monday using a bulldozer. Reacting to the post on the Facebook page, MK Stalin said, "No one can even dare to touch EVR's statue".

Oklahoma teachers might follow West Virginia in strike, walk outs
Essentially, he said , everybody deserves to have that 4 percent raise and the money saved would enable that to happen. While everyone is focused on the mistakes, my focus is exclusively on getting our children back to school.

Cheers your Highness: Pub opening hours to be extended for royal wedding
Both Ms Markle's mother, Doria Ragland and father, Thomas Markle, are expected to travel to London to attend the service. The Duchess of Cambridge is seven months pregnant and after a week of royal engagements is believed to need the rest.

Iran rejects as 'wrong' France's concern over its ballistic missile work
France's foreign minister told Iran ahead of a visit to Tehran Monday that the country needed to address concerns over its ballistic missile program or risked new sanctions.

Ryanair plans return to full operations in all Irish airports on Saturday
Many early morning flights have been cancelled and most operations are not commencing until after 10am. As weather conditions continue to worsen, Virgin Atlantic have not survived the "Beast from the East".

Retail giant Walmart to restrict gun sales after Florida school shooting
Florida gunman Nikolas Cruz had legally purchased a gun at a Dick's store, although it was not the weapon used in the massacre. The shooting, which resulted in the death of 17 individuals, has reignited the national conversation on gun-control.

Saquon Barkley: Browns 'a couple pieces away' from building 'something special'
The Cowboys took Ezekiel Elliott with the No. 4 pick in 2016 , and the Jaguars snagged Leonard Fournette at No. 4 past year . Barkley is riding a wave of resurgence for his position, and the tide is only growing stronger.

Emery: PSG want to dedicate the victory to Neymar
According to Marca , the couple will not be alone at the Hospital Mater Dei in Belo Horizonte for the procedure. We tried to do the best for the player and the club. "He will be operated on in Brazil at the end of the week".

Ex-Trump top aide Manafort pleads not guilty, faces September 17 trial
His lawyer says that he intends to file a motion asking Judge Jackson to clarify her order on public statements. His arraignment in that court is scheduled for Friday afternoon, and there is no trial date yet in that case.

Samsung Galaxy S9 Plus up for pre-order with free bonuses
We all know what comes next after the official flagship has been announced (especially when it comes to Samsung products). However, on a closer look, the upper and lower bezels, or the infinity display , have been reduced slightly.

No more 7.45pm Champions League starts next season
The European football Union with a new season to change the scheme of getting to the group stage of the Champions League . Their best chance of qualifying for next season's Champions League , therefore, could be through the Europa League .

Hyundai Kona Electric SUV unveiled with 470 km range in one charge
According to Hyundai's data, both are also compatible with 100kW charging units - twice the speed of today's rapid chargers. They also state in the video that by 2020, 60% of their vehicles will be available in eco versions.