The US Senate voted Wednesday to ease banking regulations enacted after the financial crisis that were aimed at protecting taxpayers from fresh economic trauma and new bank bailouts.
In a show of bipartisan support, the upper chamber of Congress voted 67 to 31 in favor of easing some of the regulatory scrutiny imposed on banks in the Dodd-Frank Act of 2010, while leaving key elements of the law in place.
The measure must now go to the House before it can reach President Donald Trump’s desk.
The White House quickly praised the Senate passage of the bill, which it said shields financial institutions from “excessive regulation.”
“The bill provides much-needed relief from the Dodd-Frank Act for thousands of community banks and credit unions and will spur lending and economic growth without creating risks to the financial system,” press secretary Sarah Sanders said in a statement.
The Senate vote came 10 years to the day after the collapse of New York-based investment bank Bear Stearns, an action widely seen as marking the beginning of the financial crisis that rocked the global economy.
Democrats were split on the bill, with liberal Senator Elizabeth Warren leading the charge against it and branding the legislation a gift to Wall Street.
Instead of passing what she decried as the “Bank Lobbyist Act,” Congress “should be marking the tenth anniversary of the financial crisis by strengthening rules on banks and bankers so Wall Street can never again get away with cheating Americans and crashing the economy,” Warren said in a statement.
Supporters applauded the bill for freeing smaller banks and credit unions from onerous regulations aimed at reining in major financial institutions swept up in the financial crisis, and allowing them to focus on community lending.
“Passage of this bill is a big win for Main Street in rural America and our families, farmers, and small businesses,” said Senator Heidi Heitkamp, a Democrat who is up for re-election this year in North Dakota, a state Trump won overwhelmingly in his 2016 presidential race.
Vehicles being used as weapons against protesters is ‘the new normal in 2020’: CNN
CNN's Don Lemon on Friday evening devoted a segment to the rash of incidents in which people have driven through Black Lives Matter protesters in the same manner that killed Heather Heyer at the fatal 2017 "Unite the Right" rally in Charlottesville, Virginia.
"Vehicles used as weapons," Don Lemon began. "You heard me right, vehicles are being used as weapons against Americans taking to the streets in Black Lives Matter protests in cities across this country."
CNN correspondent Evan McMorris-Santoro reported shocking scenes captured on camera of vehicles running down protesters are "common now."
Trump tells supporters he won’t be ‘stupid’ enough for peaceful transition of power if he loses
President Donald Trump continued to spread debunked conspiracy theories about the 2020 presidential election during a Friday night campaign rally in Virginia.
Trump argued that it was impossible for him to lose the election, thus concluding he would be "stupid" to hand over power peacefully should he lose.
"We not gonna lose this, except if they cheat," Trump falsely claimed about the 2020 campaign, where he trails Joe Biden in national and battleground polling.
"That's the only way we're gonna lose is if there's, uh, mischief," he argued. "And it will have to be on a big scale."
Kamala’s family ridicules ‘idiot’ Trump for comments on Sen. Harris at Virginia rally
President Donald Trump lashed out at the Democratic Party vice presidential nominee during a Friday night campaign speech in Newport News, Virginia.
Maya Harris, the sister of Sen. Kamala Harris (D-CA), was pleased that Trump noted the differences between the two VP choices.
Praise the Lord! https://t.co/6B4Z2qxE8a
— Maya Harris (@mayaharris_) September 26, 2020