Senate Banking Bill Would Raise the Risk of Another Bailout, CBO Says

Republican, Democrat senators look to rewrite Elizabeth Warren's history

Republicans overwhelmingly support rolling back key aspects of Dodd-Frank, the law that brought significant changes to financial regulation over the last decade.

Decide for yourself. Here's what's in Senate Bill 2155.

Crapo and four moderate Democrats on the panel negotiated the deal that resulted in the bill that passed out of the Banking Committee in December.

Santander, for example, headquartered in Spain, is one of the largest banks in the world.

Roughly all 51 Republican senators are expected to back Crapo's bill, and Republican leadership is counting on at least 12 Democrats to vote for the measure.

Warren said the move would benefit the larger players in the financial industry.

Senate Majority Leader Mitch McConnell, R-Ky., says the regulatory burden of Dodd-Frank has forced small banks to hire additional workers to deal with compliance costs.

She added: "People in this building may forget the devastating impact of the financial crisis 10 years ago - but the American people have not forgotten".

"The American people remember".

Cutting It Close                     Source Federal Reserve 2017 Comprehensive Capital Analysis and Review            
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Cutting It Close Source Federal Reserve 2017 Comprehensive Capital Analysis and Review .cha

She was joined in her rebuke of the legislation by Vermont senator Bernie Sanders, who said in a statement: "Now is not the time to deregulate banks that have more than $3.5tn in assets and lay the groundwork for another massive financial collapse".

May welcomes any effort to help small banks, though.

Sen. Sherrod Brown, D-Ohio, said the drumbeat for derailing Dodd-Frank has been constant.

"In a certain respect, this bill is a flawless complement to tax reform - further expanding opportunities for American families, communities, and small businesses", he said Tuesday on the Senate floor. After 18 months, those requirements would no longer apply to banks with assets ranging from $100 billion to $250 billion.

Warren said the Senate bill contained a change to wording that would allow the biggest banks to pressure the Federal Reserve. He said Wall Street banks always want "a new exception, or a new, weaker standard, or a new tax break". "And that pressure on the Fed will lead to a systematic weakening of the rules for all the big banks".

The possibility came up because the centrepiece of the bill is the loosening of some of the tougher Dodd-Frank requirements for banks with between $50 billion and $250 billion in assets, a provision meant to provide relief to regional banks like Suntrust or Fifth Third Bank that are large but quite different from Wall Street megabanks.

Meanwhile, the Congressional Budget Office released on Monday a score of the bill, stating that enacting it would increase federal deficits by $671 million over the 2018-2027 period; that increase in the deficit represents an increase in direct spending of $233 million and a decrease in revenues of $439 million. The probability of those events is deemed to be small under current law.

Sen. Elizabeth Warren, D-Mass., said during a Tuesday morning press briefing that the bill "increases the chances of another bailout" and vowed to "fight back" this week as the legislation is debated on the Senate floor. Make no mistake: The bill puts America at risk of another recession. "That's just fundamentally wrong". "Particularly when it comes to how we collect data and how we deal with consumers". The Senate bill would quintuple that threshold, meaning that banks would not receive added scrutiny if they have less than $250 billion in assets.

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