Barack Obama got some bad news on Wednesday when the Senate passed a bill that rolls back key components of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Conservative Tribune reported that the Senate passed the bipartisan bill in a 67-31 vote, making the most comprehensive set of changes to Dodd-Frank since it became law. All 51 Republicans voted in favor of the bill, and they were joined by 13 Democrats.
Drawn up by Senate Banking Committee Chairman Mike Crapo, the bill seeks to rework a number of the protective barriers Dodd-Frank put between consumers, banks and the greater economy in the wake of the 2007-2009 Great Recession.
“This bill has received widespread support for good reason: the cycle of lending and job creation has been stifled by onerous regulation,” Crapo said before yesterday’s vote. Those who voted in favor of the bill said it would help ease mortgage regulations on small and regional banks.
Donald Trump’s White House applauded the Senate for passing the bill, calling it a victory for small and community banks subjected to burdensome regulations for nearly a decade.
“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. By tailoring regulation, the bill seeks to prevent excessive regulation from undermining the viability of local and regional banks and their ability to serve their communities,” White House press secretary Sarah Sanders said in a statement. “The President looks forward to discussing any further revisions the House is interested in making, with the goal of bipartisan, pro-growth Dodd-Frank relief reaching his desk as soon as possible.”
Once again, it seems that another piece of Obama’s legacy has been destroyed. SHARE this story if you are glad the Senate passed this bill!