Jon Tester

Senate committee advances bipartisan measure rolling back some bank regulations

Senate committee advances bipartisan measure rolling back some bank regulations

A Senate committee on Tuesday approved bipartisan legislation that is aimed at easing regulations on smaller banks but also provides significant benefits for many large financial institutions.

Supporters of the bill from Senate Banking Committee Chairman Mike Crapo (R-Idaho) — including nine Democrats and one independent — called it a sensible step to reduce burdens, mostly on community banks and credit unions, to make it easier for consumers to get mortgages and obtain credit.

Critics complained it goes too far in exempting about 30 banks and other firms from stricter oversight put in place after the 2008 financial crisis.

The committee voted 16 to 7 to send the bill to...

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