>> The bill is passed and->> The House of Representatives handing President Trump a major legislative victory on Tuesday. Passing overhwelmingly a bipartisan bill that would ease bank rules that were introduced in the wake of the 2008 financial crisis. Tuesday's vote rolls back some of the Dodd-Frank rules that restricted smaller banks and community lenders.
But the bill does offer a handful of niche provisions that help some larger banks. The legislation, which was approved by the Senate in March, marks the first significant rewrite of US financial rules introduced after the crash that triggered the collapse of Lehman Brothers, and massive bailouts for Wall Street institutions.
Republican critics of Dodd-Frank say the reform went too far, and hindered the ability of banks to lend. While many Democrats say it provides critical protections for consumers and taxpayers. Senators Elizabeth Warren and Bernie Sanders slammed the bill, saying it opens taxpayers up to more potential liability. Warren writing on Twitter, quote, big banks have spent millions of dollars trying to roll back the rules we put in place after we bailed them out ten years ago.
Today, they got what they paid for.