The 5 ways the Senate plans to roll back regulations on Wall Street

 

Source: Renae Merle, Washington Post ( Paid Registration )

The Senate is slated to pass far-reaching legislation this week to roll back key components of financial regulations put in place after the global financial crisis.

Currently, banks with more than $50 billion in assets are considered “too big to fail” and undergo the strictest regulatory scrutiny, including a yearly stress test to prove they could survive another period of economic turmoil. The proposed legislation would raise that threshold to $250 billion in assets, potentially allowing several high-profile financial institutions, including American Express, Ally Financial and Barclays, to escape the extra regulatory scrutiny.

Democrats and some advocacy groups are concerned that the bill would also get rid of a requirement that banks report more data on whom they lend money to. This data helps regulators spot potential discrimination against minorities, they say.

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