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 DonnellyDems search for winning playbook GOP anxious with Trump on trade Blue wave of 2018 stops in Indiana and Missouri MORE (Ind.), Heidi HeitkampMary (Heidi) Kathryn HeitkampPawlenty opts out of Senate run in Minnesota GOP's Cramer won't run for ND Senate seat GOP Rep. Cramer 'trending' toward ND Senate run MORE (N.D.), Jon TesterJonathan (Jon) TesterEMILY’s List president: Franken did 'right thing for Minnesota' Reforming veterans health care for all generations of veterans Trump and Republicans deliver gift that keeps on giving for Americans MORE (Mont.) and Mark WarnerMark Robert WarnerNSA spying program overcomes key Senate hurdle Dem lawmaker wants briefing on major chip vulnerabilities Week ahead: Tech giants to testify on extremist content MORE (Va.) “strongly encouraged” Chairman Mike CrapoMichael (Mike) Dean CrapoTrump calls for looser rules for bank loans in Dodd-Frank overhaul Week ahead: Lawmakers eye another short-term spending bill Overnight Finance: Trump promises farmers 'better deal' on NAFTA | Clock ticks to shutdown deadline | Dems worry Trump pressuring IRS on withholdings | SEC halts trading in digital currency firm 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 ShelbyMoore supporters fire back at Richard Shelby Disaster aid becomes hostage to funding fight WATCH: GOP senators urge Romney to run for Senate 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 BrownSenate campaign fundraising reports roll in Commerce sends Trump long-awaited steel report GOP Rep. Jim Renacci announces Ohio Senate bid 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.