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House OKs bill rolling back banking rules

Congress has moved to dismantle some key rules for banks that were installed to prevent a replay of the 2008 financial crisis.

Posted: May 22, 2018 5:36 PM

WASHINGTON (AP) - The Latest on legislation to roll back rules for banks (all times local):

5:45 p.m.

Congress has moved to dismantle some key rules for banks that were installed to prevent a replay of the 2008 financial crisis.

The House voted 258-159 to approve legislation rolling back the landmark Dodd-Frank law, sending the bill to President Donald Trump. He is poised to sign it into law to deliver on a campaign pledge of gutting Dodd-Frank.

The Republican-led bill, which already cleared the Senate in March, garnered votes from some House Democrats.

The legislation increases fivefold, to $250 billion in assets, the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Those banks currently are subject to stricter capital and planning requirements.

3:30 p.m.

Congress was taking a final step Tuesday toward dismantling a chunk of the rules framework for banks installed to prevent a recurrence of the 2008 financial crisis that brought millions of lost jobs and foreclosed homes.

The House planned to approve legislation to roll back the Dodd-Frank law, easing rules for banks and notching a legislative win for President Donald Trump, who made gutting the landmark law a campaign promise.

The Republican legislation, pushed by Wall Street banks as well as regional banks and smaller institutions, carries bipartisan support.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

5/22/2018 4:48:50 PM (GMT -5:00)

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