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 DonnellySenate Dems build huge cash edge in battlegrounds Fed chief lays out risks of trade war Doug Jones walks tightrope on Supreme Court nominee MORE (Ind.), Heidi HeitkampMary (Heidi) Kathryn HeitkampSenate Dems build huge cash edge in battlegrounds Bipartisan group introduces retirement savings legislation in Senate Fed chief lays out risks of trade war MORE (N.D.), Jon TesterJonathan (Jon) TesterSenate Dems build huge cash edge in battlegrounds Fed chief lays out risks of trade war Dem infighting erupts over Supreme Court pick MORE (Mont.) and Mark WarnerMark Robert WarnerSenate Dems press for info on any deals from Trump-Putin meeting Overnight Defense: Trump tries to quell Russia furor | GOP looks to reassure NATO | Mattis open to meeting Russian counterpart Hillicon Valley: Trump tries to quell Russia furor | Sparks fly at hearing on social media | First House Republican backs net neutrality bill | Meet the DNC's cyber guru | Sinclair defiant after merger setback MORE (Va.) “strongly encouraged” Chairman Mike CrapoMichael (Mike) Dean CrapoDems call for hearings on Trump’s CFPB nominee to be put on hold Midterms will show voters are tired of taking back seat to Wall Street GOP senators introduce resolution endorsing ICE 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 ShelbyJuan Williams: Putin wins as GOP spins Five things to watch for in Trump-Putin summit GOP senators visited Moscow on July 4, warned Russia against meddling in 2018 election: report 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 Dems press for info on any deals from Trump-Putin meeting Dems call for hearings on Trump’s CFPB nominee to be put on hold Senate Dems build huge cash edge in battlegrounds 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.