(C) Common Dreams
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Fed Chairman Weighs in on Financial Deregulation Bill Set for Senate Debate [1]
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Date: 2018-03-01
Federal Reserve Chairman Jerome Powell used his first appearance before the Senate Banking Committee to endorse the main features of a financial deregulation bill that the Senate is set to debate on the floor next week.
Powell told the panel Thursday that the “most significant” provision in the bill is the replacement of the Dodd-Frank threshold for stringent Fed regulation of banks. The 2010 Dodd-Frank law put the threshold at $50 billion in assets. The bill would raise that to $250 billion, and reduce the number of banks effected from 44 to 13.
The bill, sponsored by Senate Banking Chairman Michael D. Crapo, R-Idaho, has five Democrats on the panel as co-sponsors, including Sen. Jon Tester, D-Mont. Tester described the bill as having “overwhelming bipartisan support and hopefully will see the floor next week.” He asked Powell if the bill “put our financial system at risk?”
Powell said it would not, and added, “I think it gives us the tools that we need to continue to protect financial stability.”
Not long after the hearing, Senate Majority Leader Mitch McConnell, R-Ky., moved to proceed to the bill on the floor next week.
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[1] Url:
https://rollcall.com/2018/03/01/fed-chairman-weighs-in-on-financial-deregulation-bill-set-for-senate-debate/
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