Banking panel Dems push chairman for bipartisan reg relief bill

Banking panel Dems push chairman for bipartisan reg relief bill
© Greg Nash

Four moderate Democrats on the Senate Banking Committee on Friday asked the panel’s chairman to help strike a bipartisan deal to amend Obama-era financial regulations.

Sens. Joe DonnellyJoseph (Joe) Simon DonnellyRand's reversal advances Pompeo Overnight Defense: Pompeo clears Senate panel, on track for confirmation | Retired officers oppose Haspel for CIA director | Iran, Syria on agenda for Macron visit Pompeo headed for confirmation after surprise panel vote MORE (Ind.), Heidi HeitkampMary (Heidi) Kathryn HeitkampRand's reversal advances Pompeo Overnight Health Care: Teen pregnancy program to focus on abstinence | Insurers warn against short-term health plan proposal | Trump VA pick faces tough sell Overnight Defense: Pompeo clears Senate panel, on track for confirmation | Retired officers oppose Haspel for CIA director | Iran, Syria on agenda for Macron visit MORE (N.D.), Jon TesterJonathan (Jon) TesterNew allegations could threaten Trump VA pick: reports Overnight Health Care: Teen pregnancy program to focus on abstinence | Insurers warn against short-term health plan proposal | Trump VA pick faces tough sell Vulnerable Senate Dems have big cash advantages MORE (Mont.) and Mark WarnerMark Robert WarnerRand's reversal advances Pompeo Pompeo headed for confirmation after surprise panel vote Overnight Finance: Treasury mulls sanctions relief for Russian aluminum firm | Trump floats tying NAFTA talks to border security | 14 states hit record-low unemployment MORE (Va.) “strongly encouraged” Chairman Mike CrapoMichael (Mike) Dean CrapoLobbyist whose wife rented to Pruitt steps down Americans are set for relief from an Obama-era financial rule Watchdog files complaint GOP senator did not report fundraisers held at condo co-owned by lobbyist’s wife MORE (R-Idaho) to “reach an agreement on a regulatory reform package that can come before the committee” within weeks.

Donnelly, Heitkamp, Tester and Warner backed a 2015 bipartisan bill that former Banking Committee Chairman Richard ShelbyRichard Craig ShelbyOvernight Finance: Trump floats entering Pacific trade pact he once called 'a disaster' | Senators worry over Mulvaney's power at consumer bureau | Battle for CFPB control heads to appeals court | House fails to pass balanced budget amendment Senators gripe over Mulvaney's power at consumer bureau Overnight Finance: Trump thanks Xi for promises on trade | McConnell urges GOP to call Trump about tariffs | China files WTO case against tariffs | GOP dismisses report tax law will add .9T to debt | What to expect from Mulvaney hearing on CFPB MORE (R-Ala.) never brought for the panel for a vote. That bill would have rolled back and readjusted some of the key portions of the Dodd-Frank financial reform law long targeted by banks and firms that complained that the 2010 law was slowing economic growth with red tape.

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Crapo and ranking Democrat Sherrod BrownSherrod Campbell BrownVulnerable Senate Dems have big cash advantages Trump VA pick faces challenge to convince senators he’s ready for job Overnight Finance: Senate repeals auto-lending guidance, shattering precedent with vote | House passes IRS reform bills | Senate GOP fears tax cut sequel MORE (Ohio) both expressed interest in moving a bipartisan regulatory reform bill this year, and committee members have largely coalesced around key provisions of deal. Those include clarifying the Volcker rule banning banks from making risky trades with their own capital, exempting mid-size regional and community banks from stricter government oversight and reduce the frequency of regulator stress tests.

The four Democrats asked that Crapo pick up the efforts “to rationalize our financial regulatory regime.” Donnelly, Heitkamp and Tester are up for reelection next year in states President Trump won by wide margins in 2016 and have been vocal in pursuit of major bipartisan legislation.

“Our desire to see substantive legislative action has not waned and we remain confident that your efforts have support from both sides of the dias,” the Democrats wrote.

While Congress has amended parts of Dodd-Frank under Trump, lawmakers have yet to send major fixes to the president’s desk.

The Financial CHOICE Act, an ambitious effort that would have replaced or repealed much of Dodd-Frank, passed the House in June but likely won’t see action in the Senate. The slim two-seat Senate Republican majority makes passing any sweeping changes to Dodd-Frank over a Democratic filibuster nearly impossible without bipartisan support.