Back on Capitol Hill, senators voted 67 to 31 in favor of a sweeping, bipartisan bill rolling back many of the reforms of the Dodd-Frank Act, passed in 2010 in the wake of the financial collapse and Great Recession. The bill would exempt 25 of the nation’s 40 largest banks from being subject to heightened scrutiny by the Federal Reserve. The bill would also roll back the so-called Volcker Rule, which prohibits some banks from making risky bets with taxpayer-insured money. The bill would also loosen a requirement on some mortgage lenders that tracks whether they’re discriminating against minorities. Thirteen Democrats voted in favor of the bill, sending it to the Republican-controlled House of Representatives.
Continue reading: Senators Approve Sweeping Rollback of Dodd-Frank Banking Regulations