The Senate Banking Committee has put forward compiled a bill
that seeks to address some of the more pressing issues of US
banking regulation, and in doing so is seeking to undo some of
the protections put in place by the Dodd-Frank Act in 2010.
While not as far reaching as the re-hash of the ill-fated
Financial Choice Act that passed the House last year, the bill
suggests some important changes. These have been met with mixed
reactions, and include increasing the threshold of definition
for so-called systemically important financial institutions
(Sifis) and exempting small banks with under $10 billion in
assets from complying with the Volcker rule.
Led by the Republican Senator for Idaho, Mike Crapo, the
Economic Growth, Regulatory Relief and Consumer Protection Act
was put forward in December with bipartisan support made up of
Republicans, an independent and 11 democrats. It’s
now up for debate in the...