The Senate passed a motion Thursday to send one of the biggest rewrites of the Dodd-Frank Act to the floor for a vote, which is expected sometime next week.
Late last year the act, which was sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, with nearly 20 co-sponsors on both sides of the aisle, was introduced in the Committee on Banking, Housing and Urban Affairs.
The bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, contains policies which would roll back or eliminate key parts from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Similar efforts have been attempted in the House of Representatives, but so far, to no avail. House Financial Services Committee Chairman Jeb Hensarling’s, R-Texas, Financial CHOICE Act, H.R. 10, passed the House and was sent on its way to the Senate for a vote.
However, as it only received partisan support, the bill died on the Senate floor.
This bill, because it has received more partisan support, could stand a chance of passing in the Senate. The bill would then be passed on for a vote in the House before making its way to the president’s desk.
An article by Elizabeth Dexheimer for Bloomberg explained:
Moderate Democrats, particularly those facing tough re-election this year, were key to advancing the legislation. The Senate bill would raise to $250 billion from $50 billion the asset threshold for banks to be subjected to stricter Federal Reserve supervision for systemically important financial institutions.
The housing industry, including the Mortgage Bankers Association, the National Association of Home Builders and the Independent Community Bankers of America, previously voiced its support for the bill. Read more about that, here.