3/5/2018

BANKING/DEMS/GOP: “Republicans and Democrats in the Senate are poised to pass a bill this week that would relax key banking regulations, steamrolling opposition from outspoken liberals like Sen. Elizabeth Warren who have built their careers calling for tougher oversight of Wall Street.
A core group of moderate Democrats is brushing off an escalating opposition campaign by the Massachusetts senator and other progressives like Sen. Sherrod Brown of Ohio, instead joining with GOP colleagues to reverse restrictions on large and small banks that were enacted in the wake of the 2008 financial meltdown.
For the bill’s supporters, the legislation is a chance to show voters that it’s still possible to get things done in an often paralyzed Congress. They include at least 12 Democrats, several of whom face tough reelection campaigns in states that President Donald Trump won in 2016… Still, most Senate Democrats are expected to oppose the legislation, including Minority Leader Chuck Schumer, who announced his opposition Friday afternoon after declining for months to take a public position on the divisive issue… The bill marks the biggest legislative change to banking industry oversight since Democrats enacted the Dodd-Frank Act, the historic 2010 law that imposed reams of new rules on lenders after the global financial crisis. The first procedural vote on the bill is scheduled for Tuesday [3-6-18].”

-Zachary Warmbrodt, “Victory in sight for Democrats defying Warren on bank bill,” Politico, Mar. 5, 2018 05:01am