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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Music reviews: Bruce Springsteen and Benson Boone
Feature "Tracks II: The Lost Albums" and "American Heart"
-
Why passkeys are the next frontier in digital security
A disruptive new technology promises to put passwords to bed forever — but not yet
-
Thomas Mallon's 6 favorite books from the 80's and early 90's
Feature The author recommends works by James Merrill, Calvin Trillin, and more
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
The battle over Jamaican rum
Under The Radar The spirit that defines the Caribbean is at the middle of a legal fight