BANKING/DODD-FRANK/GOP/HOUSE OF REPS/TRUMP AS PRESIDENT: “The U.S. House of Representatives passed on Tuesday [5-22-18] bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving President Donald Trump a major legislative victory. Tuesday’s vote rolls back some of the 2010 Dodd-Frank rules that restricted operations by smaller banks and community lenders and keeps the Republican president’s campaign promise to try to spur more economic growth by cutting regulation. The bill, which was approved by the Senate in March, marks the first significant rewrite of U.S. financial rules introduced following the crisis, which saw Wall Street lenders bailed out to the tune of $700 billion. Republican critics say Dodd-Frank went too far and curbs banks’ ability to lend, while many Democrats say it provides critical protections for consumers and taxpayers.”
-Pete Schroeder, “House votes to ease post-crisis bank rules in victory for Trump,” Reuters, May 22, 2018 2:51 pm