Congress Votes to Rollback Some Dodd-Frank Banking Rules

Congress has moved to dismantle some key rules for banks that were installed to prevent a replay of the 2008 financial crisis.

The House voted 258-159 to approve legislation rolling back the landmark Dodd-Frank law, sending the bill to President Donald Trump. 

He is poised to sign it into law to deliver on a campaign pledge of gutting Dodd-Frank.The Republican-led bill, which already cleared the Senate in March, garnered votes from some House Democrats. 

The legislation increases fivefold, to $250 billion in assets, the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks currently are subject to stricter capital and planning requirements.

Photo Credit: Getty Images

Source: AP

George Chamberlin

George Chamberlin

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