The House voted Tuesday 258-159 to roll back rules for midsize and regional banks put in place after the 2008 financial crisis to prevent a repeat of that catastrophe. The bill, already passed by the Senate, allows banks with up to $250 billion in assets to avoid supervision from the Fed and stress tests. Under Dodd-Frank, banks with at least $50 billion in assets had to abide by tougher financial rules. Republican lawmakers say easing the regulations will make it easier for small banks and credit unions to lend more money to people, but some Democrats have warned this bill does assist larger banks, and several of those failed during the financial crisis. The bill does not affect the biggest banks, like Bank of America and Wells Fargo. President Trump could sign the bill as early as this week.
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