Lawmakers from both sides of the aisle are discussing a Dodd-Frank Act “fix-it” bill, reports Bloomberg in a recent article.
“The bipartisan group is looking to improve on legislation proposed by Senate Banking Committee Chairman Richard Shelby that was written with almost no feedback and has no chance of passing, [U.S. Senator Mark] Warner, a Virginia Democrat, said at a Bloomberg breakfast in Washington,” Bloomberg reports. “The banking panel voted 12-10 along party lines in May to advance Shelby’s bill, which could free SunTrust Banks Inc., U.S. Bancorp, PNC Financial Services Group Inc. and other banks from some of Dodd-Frank’s supervision and capital requirements.”
A Dodd-Frank provision that subjects banks with more than $50 billion in assets to heightened scrutiny would be raised to as much as $500 billion under Shelby’s bill.
Banking Committee member and Democrat Senator Sherrod Brown of Ohio has tried to counter Shelby’s legislation with a narrower bill that would ease regulatory burdens for small community banks.
Read the article here.
Written by Cassandra Dowell