Congress votes to repeal part of Dodd-Frank

The House voted Tuesday 258-159 to roll back rules for midsize and regional banks that were 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 some supervision from the Federal Reserve and skip stress tests. Under the Dodd-Frank financial reform law, 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 assists larger banks, too, noting that several of those banks failed catastrophically 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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