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May 16, 2018

Save the date for bank deregulation

Politico--Victoria Guida

SAVE THE DATE FOR BANK DEREGULATION — The bank deregulation bill that was years in the making is expected to clear the House next week — its final step before the president's desk. The legislation would ease many of the Dodd-Frank Act's rules, particularly for small and regional banks, but also has some perks for the big guys (recap on that here).

The vote will take place Tuesday, a GOP aide tells our Zach Warmbrodt. It's the first major slate of changes to Dodd-Frank and a victory for Senate Banking Committee Chairman Mike Crapo, who shepherded one of the only big bipartisan legislative proposals this Congress. It's also deeply worrying to financial reform advocates, who see it as giving regulators appointed by President Donald Trump more tools to hollow out post-crisis rules.

Soon attention will turn to the follow-up package that Republican congressional leaders have promised to House Financial Services Committee Chairman Jeb Hensarling. But the jury's out on whether Senate Democrats will actually play ball on yet another deregulation bill in an election year. "I'm not sure who the speaker's reached a deal with," Sen. Mark Warner (D-Va.), one of the banking bill's co-authors, told Zach last week. Be sure to check out our Ben White's interview with Hensarling on Thursday morning.

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