Trump eager to sign bill rolling back Dodd-Frank regulations

H2 dodd frank rollback

Other measures mostly benefit smaller banks, although Trump indicated that policymakers may be interested in making further changes to how larger banks are regulated.

U.S. President Donald Trump signed into law on Thursday a bill that would ease rules on most banks for the first time since the 2007-2009 financial crisis.

"Big legislation will be signed by me shortly", Trump tweeted today.

Regions Bank, headquartered in Birmingham, will no longer have to submit to stress tests from the Federal Reserve to determine if it could weather a financial crisis.

Tenney's opponent, Democrat Anthony Brindisi, said the rollbacks give too much freedom to banks close to meeting that $250 billion dollar-threshold. Under Dodd-Frank, regional banks like Regions with at least $50 billion in assets were subject to the tests; Regions has $123 billion in assets.

Supporters say the measure's benefits are limited nearly exclusively to small and regional banks, but critics challenge that argument, noting a Congressional Budget Office assessment that there's about a 50 percent chance that behemoths JPMorgan and Citibank could take advantage of provisions aimed at helping smaller firms.

The bill includes a provision that will give consumers the right to free credit freezes, an issue that arose after the massive Equifax data breach a year ago.

Jeremy King, a spokesman for Regions Bank, suggested that Dodd-Frank was unduly harsh to regional banks. "Help is on the way", Hensarling declared.

The measure, which passed the House this week, leaves the central structure of the post-financial-crisis rules in place, but it makes the most significant changes to weaken the Dodd-Frank banking regulations since they were passed in 2010.

At a signing ceremony at the White House, Trump said the legislation "rolls back the crippling Dodd-Frank regulations that are crushing community banks and credit unions nationwide".

"Sen. Shelby's fingerprints were all over this bill", said Scott Latham, president of the Alabama Bankers Association.

The banking law also adds to Trump's marquee pro-business legislative achievement, the sweeping tax bill enacted late a year ago that deeply cut taxes for corporations and wealthy individuals and offered more modest reductions for most ordinary Americans. "Small community banks and credit unions actually provide key lending to our small business community".

"For families in my district, this bill makes it easier to refinance a mortgage on a mobile home, get a student loan, and even protect yourself against financial fraud", the congresswoman said in a statement. Now most states allow the credit reporting companies to charge consumers a fee for freezing their credit. At the new higher level, all but a dozen of the nation's largest institutions are carved out of that added layer of scrutiny, although the Fed retains the power to apply the label to banks between $100 billion and $250 billion should it choose.

A sole Republican, Walter Jones of North Carolina, voted against the bill Tuesday.

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