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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 DonnellyDemocrats slide in battle for Senate Conservatives bankrolled and dominated Kavanaugh confirmation media campaign Donnelly parodies 'Veep' in new campaign ad MORE (Ind.), Heidi HeitkampMary (Heidi) Kathryn HeitkampDemocrats slide in battle for Senate Overnight Health Care — Presented by Purdue Pharma —Senate debates highlight fight over pre-existing conditions | Support grows for Utah Medicaid expansion measure | Arkansas health official defends work requirements Election Countdown: Small-donor donations explode | Russian woman charged with midterm interference | Takeaways from North Dakota Senate debate | O'Rourke gives 'definitive no' to 2020 run | Dems hope Latino voters turn Arizona blue MORE (N.D.), Jon TesterJonathan (Jon) TesterDemocrats slide in battle for Senate Overnight Energy: Outdoor retailer Patagonia makes first Senate endorsements | EPA withdraws Obama uranium milling rule | NASA chief sees 'no reason' to dismiss UN climate report Trump on 'I love you' from rally crowd: 'I finally heard it from a woman' MORE (Mont.) and Mark WarnerMark Robert WarnerDems can use subpoena power to reclaim the mantle of populism Is there a difference between good and bad online election targeting? Collusion judgment looms for key Senate panel MORE (Va.) “strongly encouraged” Chairman Mike CrapoMichael (Mike) Dean CrapoLawmakers, Wall Street shrug off Trump's escalating Fed attacks GOP loads up lame-duck agenda as House control teeters Republicans shift course after outside counsel falters 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 ShelbyDisasters become big chunk of U.S. deficit Lawmakers, Wall Street shrug off Trump's escalating Fed attacks Florida politics play into disaster relief debate 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 BrownOn The Money: Deficit hits six-year high of 9 billion | Yellen says Trump attacks threaten Fed | Affordable housing set for spotlight in 2020 race Lawmakers, Wall Street shrug off Trump's escalating Fed attacks The Hill's Morning Report — Presented by PhRMA — Dem victories in `18 will not calm party turbulence 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.