On Tuesday, the House of Representatives voted to approve a regulatory rollback of the 2010 Dodd-Frank law, joining the Senate, which had approved the rollback in March. One result of the new legislation: fewer than 10 big banks in the United States will be subject to stricter federal oversight; thousands of banks with less than $250 billion in assets will not be considered systemically important to the financial system. Thus only banks with $250 billion or more will be subject to more regulations, including the Federal Reserve’s annual stress tests.
House Speaker Paul Ryan said the bill would lead to “freeing our economy from overregulation … Our smaller banks are engines of growth. By lending to small businesses and offering banking services for consumers, these institutions are and will remain vital for millions of Americans who participate in our economy.”
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