Congress at Work: Dodd-Frank Rollback
The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law‚Äîthey may never make it out of committee, be blocked by a Senate filibuster, be delayed, lack sufficient votes, never be agreed upon by the two houses, or be vetoed by the president.
Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) ‚Äì Sponsored by Sen. Michael Crapo (R-ID) in November 2017, this bill rolls back some of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The original bill was designed to tighten regulations on financial institutions following the Great Recession of 2008-2009. This bill contains several provisions, including the following:¬† ¬†
- Exempts banks with between $50 billion and $250 billion in assets from some of the restrictions regulated by the Financial Stability Oversight Council.
- Exempts banks with less than $10 billion in assets from some rules entirely, such as the Volcker Rule that bans banks from making certain speculative trades.
- Requires the Federal Reserve to take the size of banks into account when crafting regulations, rather than issuing one-size-fits-all regulations.
The bill was signed into law by the President on May 23.