Tuesday’s 258-159 House vote came as banks are posting record profits thanks to a stronger economy and lower tax rates. “Small banks are being regulated out of existence.”With Republicans in control of the House, the bill’s eventual approval was a fait accompli after 17 Senate Democrats voted for it in March. The 2010 Dodd-Frank financial reform law included a host of consumer protections and risk management rules that apply to all banks. The bill approved Tuesday would change the definition of what constitutes the biggest banks, freeing banks with up to $250 billion in assets from these tougher rules. Rep. Tom MacArthur (R-N.J.), another member of the House financial services committee, dismissed concerns about restricting consumers from being able to join class-action lawsuits, noting that they can still settle disputes by arbitration.

Source: Huffington Post May 22, 2018 21:45 UTC