Several Senate Democrats have joined Senate Banking Committee Chairman, Mike Crapo (R-ID), in support of a package of Dodd-Frank regulatory reforms. The rare, bipartisan agreement’s most significant provision would increase the cutoff from $50 billion in assets, a line set in the 2010 Dodd-Frank financial reform law, to $250 billion, lowering regulatory burdens on some financial institutions.
A section-by-section summary of the legislation may be found here.
The relief measure also contains smaller regulatory relief provisions – including exempting some community banks from the Volcker Rule, allowing certain municipal securities to qualify as liquid assets under the liquidity coverage ratio rules, and requiring the SEC to report to Congress on the pros and cons of algorithmic trading.
The legislation is expected evolve as it moves through the Senate Banking Committee. However, with the support of eight Democrats and one independent senator, the package has a significant opportunity to pass the Senate.
The Democratic senators supporting the legislation are:
- Sen. Joe Donnelly (D-IN)
- Sen. Heidi Heitkamp (D-ND)
- Sen. Jon Tester (D-MT)
- Sen. Mark Warner (D-VA)
- Sen. Tim Kaine (D-VA)
- Sen. Joe Manchin (D-WV)
- Sen. Claire McCaskill (D-MO)
- Sen. Gary Peters (D-MI)
- Sen. Angus King (I-ME)
