The Latest: Trump eager to sign bill rolling back Dodd-Frank
WASHINGTON (AP) - The Latest on a bill rolling back Dodd-Frank regulations (all times local):
8:05 a.m.
President Donald Trump says he is eager to sign a bill that will dismantle a chunk of the landmark Dodd-Frank act that grew out of the 2008 financial collapse.
FILE - This March 6, 2018, file photo shows the Capitol in Washington. Several Democrats facing tough re-elections this fall are joining solid Republican backing of an effort to alter some key aspects of the Dodd-Frank law. Congress moved Tuesday, May 22, to dismantle 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. (AP Photo/J. Scott Applewhite, File)
A day after the House voted to approve the bill, Trump tweeted Wednesday: "Big legislation will be signed by me shortly." He cited "big changes to DODD FRANK."
The bill raises 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 are subject to stricter capital and planning requirements.
Backers of the legislation argue that loosening the restraints would boost lending and the economy.
The House voted 258-159 on Tuesday to approve legislation rolling back the law. The Senate voted 67-31 to approve it in March.
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12:30 a.m.
President Donald Trump is one step from checking off another campaign promise, this time an overhaul of the landmark Dodd-Frank bill that grew out of the 2008 financial collapse.
With a House vote on Tuesday, Congress sent to Trump a bill dismantling a chunk of the rules framework for banks that was designed to prevent another financial collapse.
The bill raises 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 are subject to stricter capital and planning requirements.
Backers of the legislation argue that loosening the restraints would boost lending and the economy.
The White House says it hopes Trump will receive the bill before Memorial Day to speed its signing.
