Trump eager to sign bill rolling back Dodd-Frank

Trump signs bill easing post-2008 crisis restraints on banks

Tenney's opponent, Democrat Anthony Brindisi, said the rollbacks give too much freedom to banks close to meeting that $250 billion dollar-threshold. Those banks are subject to stricter capital and planning requirements.

At a signing ceremony at the White House, Trump said the legislation "rolls back the crippling Dodd-Frank regulations that are crushing community banks and credit unions nationwide". It also does not touch most of the core pillars of Dodd-Frank created to protect safety and soundness. The bill passed the Senate with support from 17 members of the Democratic caucus, but it was fiercely opposed by progressives in an intraparty fight that at times turned personal.

"This is welcome news, since small banks pose little threat to financial stability, are generally well-capitalized and were never the target of post-crisis regulation anyway", Diego Zuluaga, a policy analyst at the Cato Institute's Center for Monetary and Financial Alternatives, told FOX Business.

UTICA, N.Y. -President Trump fulfilled his promise to "do a big number" on the Dodd-Frank Wall Street Reform and Consumer Protection Act Thursday evening.

Republican lawmakers, with Hensarling at the forefront, have been chafing at Dodd-Frank's restrictions in the eight years since its enactment by President Barack Obama and Democrats in Congress, and finally prevailed with Tuesday's vote.

While the new law lessens rules on a large number of US banks, it stops short of eliminating much of Dodd-Frank.

The new law's supporters say it provides needed relief for community and local banks struggling to extend credit as they chafe under Washington's regulations.

Elon Musk wants to name his journalist-rating site after Communist newspaper
SpaceX founder Elon Musk just said on Twitter that he wants to start a new media outlet. "Nothing stopping Tesla team at our vehicle plant from voting union".

LOGAN Director in Talks for BOBA FETT Film
Newsbeat has contacted Disney but they were unable to give official confirmation of The Hollywood Reporter's original report. The next wave of speculation is sure to revolve around who will play Boba Fett , about which no news has been announced.

Ebola vaccinations begin in rural Congo on Monday: Ministry
Medical and health promotion teams are working to explain the symptoms of Ebola to the local population, Slater said. It's unclear how many people the patients came into contact with in Mbandaka, a city of more than 1 million.

The president had expressed his goal of having a relief bill passed by Memorial Day.

Banks with less than $10 billion in assets are exempted from a host of regulations under the bill including the so-called Volcker Rule barring banks from making risky bets with their own money.

Neil Haggerty is the Congress reporter for American Banker. Banks between $50 billion and $100 billion in assets are left out of the regime, while the Federal Reserve can decide if those between $100 billion and $250 billion still face enhanced supervision. The test assesses whether a bank has a big enough capital buffer to survive an economic shock and keep on lending. Smaller institutions also won some relief from escrow and appraisal requirements, as well as from certain measures of the Home Mortgage Disclosure Act.

For the more than 5,000 community banks in the industry, profits rose 17.7 percent, to $6.1 billion, during the first quarter, according to the FDIC report.

The bill includes a provision that will give consumers the right to free credit freezes, an issue that arose after the massive Equifax data breach previous year.

A sole Republican, Walter Jones of North Carolina, voted against the bill Tuesday.

Related news:

Hot News

isis-killer-beheading-video-story-top Bihar government issues Nipah virus alert
May 26, 2018 - 20:23
The Kozhikode Medical College has 136 patients and nearby Malappuram district 24 patients under observation . The University of Calicut on Thursday announced postponement of all examinations listed for this week.

isis-killer-beheading-video-story-top Transfer Latest: Manchester United cool their interest in €100m-rated promising midfielder
May 26, 2018 - 19:18
From Internacional to Shakhtar to Manchester United with worldwide recognition from Brazil sprinkled in for good measure. With Mourinho eager to bolster his defence this summer, United are now tipped to be one of his most likely destinations.

Trump administration has cut deal with China's ZTE
May 26, 2018 - 19:11
While such an agreement is viewed as a way to advance trade negotiations with China, lawmakers could be resistant to a deal. By some estimates, ZTE uses components from American suppliers in up to 90 percent of its products .

isis-killer-beheading-video-story-top Ayesha Curry: Rockets fan 'bumped me' in 'pregnant belly' after Game 5
May 26, 2018 - 19:07
Warriors fans tried to blast the entire fan base, but Ayesha wasn't having it after a Twitter user called Houston fans "garbage". While the moment she was bumped wasn't captured on camera, the heckler was caught saying,"Look at her". "Look at her.

isis-killer-beheading-video-story-top How Bob Bradley helped Mohamed Salah on his ascent to global stardom
May 26, 2018 - 19:03
While Madrid and Liverpool are contesting the biggest prize in club football , they were far off the pace in their home leagues. "He's got a great chance to prove himself and stay at the top over the next few years as Cristiano and Messi have done".

Idaho native imprisoned in Venezuela since 2016 to be released Saturday
May 26, 2018 - 18:53
The Mormon missionary traveled to Venezuela in June 2016 to marry Caleño, whom he met on an online Mormon dating site. Bob Corker for his "pivotal efforts" and the "Senate Foreign Relations Committee for their help in this effort".

isis-killer-beheading-video-story-top Why you'll pay a lot more for gas this Memorial Day weekend
May 26, 2018 - 18:24
At this time a year ago , motorists in the Garden State were paying $2.36 for gas. But this year travelers are facing the highest gas prices in four years.

isis-killer-beheading-video-story-top Aston Villa's John Terry seeks contract excluding him from Chelsea games?
May 26, 2018 - 18:09
His experienced side ended the regular campaign in fourth as they look to bounce back from relegation in 2016. Fulham and Aston Villa battle for promotion to the Premier League in the Championship play-off final.

isis-killer-beheading-video-story-top Tesla To Settle Class Action With Buyers Over Autopilot Billed As 'Safer'
May 26, 2018 - 17:41
Even though the settlement only covers USA customers, Tesla said it would compensate "all customers globally in the same way". The plaintiffs cited problems such as unexpected braking, and failing to break when approaching buses and trucks.

isis-killer-beheading-video-story-top Liverpool to refund Champions League tickets for fans with cancelled flights
May 26, 2018 - 17:30
One of the victims told the Mirror that the thugs "came towards us like a pack of dogs" and stated quite understandably that "I did not come here for this, I came to watch the football".

isis-killer-beheading-video-story-top How and Where to Stream Real Madrid Versus Liverpool
May 26, 2018 - 17:30
Street paintings of him have also appeared in Cairo, the Egyptian capital, and in his native village of Nagrig in the Nile Delta. Meanwhile, Ronaldo could win his fifth Champions League , a landmark reached by only four players before now.

isis-killer-beheading-video-story-top Cristiano Ronaldo Dismisses Comparison With Liverpool’s Mo Salah
May 26, 2018 - 17:27
But the 25-year-old's route to the Champions League final hasn't been plain sailing. We are playing another final on Saturday and the fans are behind Cristiano.

isis-killer-beheading-video-story-top Deadly protests in India spark suspension of copper smelting plant's expansion
May 26, 2018 - 17:19
The same year, activists allege a gas leak from the plant left hundreds with breathing difficulties, nausea and throat infections. Another officer said more than 110 vehicles were burnt during the disturbances that lasted almost four hours.

Rockets not optimistic about Chris Paul playing in potential Game 7
May 26, 2018 - 17:10
TNT's Kristen Ledlow confirmed that the late 4th quarter injury was to Paul's right hamstring and he is now receiving treatment. If the Warriors force a Game 7 , it will be held Monday night in Houston . "So we're hoping he's back, we'll see what happens".

Russian oligarch met with Michael Cohen at Trump Tower during transition
May 26, 2018 - 17:04
The second time was during Trump's inauguration, which was attended by at least six Putin-allied Russians, including Vekselberg. Vekselberg and Intrater did not meet with Trump while they were at Trump Tower, the person familiar with the meeting said.