May 22, 2018

CHANGE (IT BACK): Congress Is Poised to Pass Dodd-Frank Rollback for Smaller Banks.

The Senate approved the legislation earlier this year, so the House vote could result in the bill going to President Trump for his signature.

The legislation is symbolically important because Republicans have been railing against the Dodd-Frank law as an example of federal overreach.

But the legislation does little to alter the oversight of the country’s biggest banks. Instead, it strips away regulatory requirements that smaller banks have said are burdensome and unnecessary.

The effort has enjoyed rare bipartisan support. When the Senate voted on the bill in March, 16 Democrats voted alongside all 50 Republicans to pass it. Progressive Democrats have sharply criticized it.

Progressives usually find themselves opposed to actual progress — they’re on wrong side of history, you might say.

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