First News
Volume:7, Number:50
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Business & Finance 4

US Congress Rolls Back Banking Rules

The Republican-led House on June 8 voted to free Wall Street from many of the constraints put in place after the 2008 financial crisis. Big banks – from Goldman Sachs to Bank of America – would face less scrutiny, and other large financial institutions, such as insurance giant MetLife, could escape tougher rules altogether under the legislation approved largely along party lines. The legislation probably will face stiff resistance in the Senate but it provides a road map of sorts for the policies the president plans to put in place as he appoints new regulators. Democrats and progressive groups, who argue that banks need more oversight, not less, are preparing to use the issue to animate supporters still angry that Wall Street banks have not paid a larger price for the financial crisis. They noted that banks reported record profits last year, despite tough Dodd-Frank Act rules, and Wall Street bonuses rose for the first time in three years.

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