Finally Senate passes rollback of Dodd-Frank banking rules

Late Wednesday, the Senate passed S. 2155, or the Economic Growth, Regulatory Relief and Consumer Protection Act, by a vote of 67-31. Now that it has passed, the bill returns to the House to for approval. The bill contains policies rolling back certain key parts from the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill would allow some smaller and mid-sized banks to omit their cash balances held at the Federal Reserve and other central banks when calculating their supplementary leverage ratio, or what determines how much capital they need to hold. The Senate spent the first part of this week working through the bill sorting through the more than 100 proposed amendments. While the final vote was originally expected last week,…

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