Yesterday afternoon, the Senate passed a significant regulatory relief bill, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” in a bipartisan 67-to-31 vote.
The Bill, if ultimately enacted, would result in the first major revisions to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It would leave the architecture and major features of Dodd-Frank intact, but would significantly recalibrate Dodd-Frank requirements in several areas important to banking organizations.
The prospects for the Senate Bill becoming law remain unclear. The House of Representatives passed a number of bills over the last year that would make more far-reaching changes to Dodd-Frank, including the Financial CHOICE Act, largely along party lines. Republican leaders in the House could now seek to add some of those changes to the Bill. However, preserving bipartisan support remains critical to passage in the Senate, and extensive House amendments could delay or even diminish the Bill’s prospects. If Congress does pass the Bill, or something like it, President Trump is expected to sign it.