The Senate on Wednesday voted 67-31 for a bill that would ease some rules on banks that were enacted after the 2008 financial crisis.
Dodd-Frank was signed into law in 2010, put into place to prevent another financial meltdown, and liberal Democrats argued that the new bill, sponsored by Sen. Mike Crapo (R-Idaho), increases the likelihood of another financial catastrophe. Under the bill, banks with less than $10 billion in assets would be exempt from a rule that bans institutions from stock trading for their own profit and the largest banks would no longer have to undergo a yearly stress test conducted by the Federal Reserve. There are also some consumer protections, including offering free credit monitoring to active-duty military members.
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