Bipartisan Bank-Relief Bill Wins Approval From Senate Panel
- Midsize lenders would lose too-big-to-fail label in Crapo plan
- Democrats’ support boosts chances measure get through Congress
Senator Mike Crapo
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
A key U.S. Senate panel has cleared a bill that could bring financial firms a significant chunk of the regulatory relief they’ve sought since the Dodd-Frank Act became law in 2010.
Bipartisan legislation advanced Tuesday by the Senate Banking Committee would revise many parts of the sweeping 2010 overhaul, particularly those pertaining to small and regional banks. It would free midsize lenders from some of the strictest post-crisis oversight and cut compliance costs for community banks. It also includes some tweaks that Wall Street has sought, including a change to how banks classify municipal bonds.