On Tuesday, the Senate Banking Committee voted 16-7 to advance a newly introduced Dodd-Frank rollback proposal, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. Ten members of the Democratic Caucus have signed on to this proposal.
Bipartisan support for community and smaller regional bank regulatory changes – if more modest in scope – could be somewhat understandable if the legislation also included strong new enhancements to consumer protection, and strengthened financial stability safeguards for the largest actors. Unfortunately, this bill does neither of those things.
The above excerpt was originally published in Morning Consult.
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