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 DonnellyTrump nominees meet fiercest opposition from Warren, Sanders, Gillibrand GOP frets over nightmare scenario for Senate primaries McConnell's Democratic challenger McGrath backtracks on Kavanaugh comments MORE (Ind.), Heidi HeitkampMary (Heidi) Kathryn HeitkampTrump nominees meet fiercest opposition from Warren, Sanders, Gillibrand McConnell's Democratic challenger McGrath backtracks on Kavanaugh comments McConnell's Democratic challenger says she likely would have voted for Kavanaugh MORE (N.D.), Jon TesterJonathan (Jon) TesterTrump nominees meet fiercest opposition from Warren, Sanders, Gillibrand The Hill's 12:30 Report: Pelosi looks to squash fight with progressives Democratic senators want candidates to take Swalwell's hint and drop out MORE (Mont.) and Mark WarnerMark Robert WarnerTop Democrats demand security assessment of Trump properties Senate passes bill making hacking voting systems a federal crime Senators unload on Facebook cryptocurrency at hearing MORE (Va.) “strongly encouraged” Chairman Mike CrapoMichael (Mike) Dean CrapoOvernight Health Care — Presented by PCMA — Sanders mounts staunch defense of 'Medicare for All' | Biden, Sanders fight over health care heats up | House votes to repeal ObamaCare 'Cadillac Tax' | Dems want details on fetal tissue research ban Hillicon Valley: Senators unload on Facebook cryptocurrency plan | Trump vows to 'take a look' at Google's ties to China | Google denies working with China's military | Tech execs on defensive at antitrust hearing | Bill would bar business with Huawei Senators unload on Facebook cryptocurrency at hearing 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 ShelbyAdministration pushes back on quick budget deal: 'We have a way to go' The Hill's 12:30 Report: Dem leaders face tough decision on impeachment resolution The Hill's Morning Report - A raucous debate on race ends with Trump admonishment 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 BrownThe Hill's Morning Report - A raucous debate on race ends with Trump admonishment On The Money: Senators unload on Facebook cryptocurrency | Tech giants on defensive at antitrust hearing | Democrats ask Labor Department to investigate Amazon warehouses Hillicon Valley: Senators unload on Facebook cryptocurrency plan | Trump vows to 'take a look' at Google's ties to China | Google denies working with China's military | Tech execs on defensive at antitrust hearing | Bill would bar business with Huawei 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.