Donald Trump signs law that loosens bank restraints enacted after Great Recession

Trump signs law rolling back banking rules, an effort led by Idaho's Sen. Crapo

President Trump on Thursday signed a measure rolling back some of the strict regulations of the Dodd-Frank law that were slapped on banks after the 2008 economic meltdown.

The Senate Dodd-Frank rollback was less ambitious compared to the House-passed Financial CHOICE Act, sponsored by House Financial Services Chairman Jeb Hensarling (R-TX).

President Donald Trump shows off the "Economic Growth, Regulatory Relief, and Consumer Protection Act", in the Roosevelt Room of the White House, Thursday, May 24, 2018, in Washington. It exempts some small and regional banks from the most stringent regulations, and also loosens rules aimed at protecting the biggest banks from sudden collapse.

"This is all about the Dodd-Frank disaster and they've fixed it or at least have gone a long way toward fixing it", Trump, speaking at the bill-signing ceremony, said of the bill's supporters.

"They shouldn't be regulated the same way as big complex financial institutions". Banks larger than $50 billion dollars in capital were considered too critical to the USA financial system to fail without catastrophic results to the economy.

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The Republican-led legislation cleared Congress on Tuesday with the help of some Democrats' votes and allowed Trump to realize his campaign pledge of dismantling the landmark Dodd-Frank law. "At a time of intense political polarization, we have proven that we can work together to get things done for Main Street and the American people".

The vice-chair of a coalition of midsize lenders said the rollback of Dodd-Frank regulations will save his New York-based bank "tens of millions of dollars" in regulatory costs. "If you're in trouble and you're a bank, the regulators are already on you for compliance issues".

After the Senate passed the bill in March by a vote of 67-31 - with the support of 16 Democrats and one independent - attention swung to the House where GOP leaders such as Hensarling had indicated desire to expand the bill with bipartisan provisions that had passed the lower chamber.

By raising the asset threshold to $250 billion, the law is expected reduce the number of banks subject to heightened regulatory scrutiny from 38 to 12. Small banks will also be exempted from a Dodd-Frank requirement that they report more detailed data on borrowers.

Supporters say the measure's benefits are limited nearly exclusively to small and regional banks, but critics challenge that argument, noting a Congressional Budget Office assessment that there's about a 50 percent chance that behemoths JPMorgan and Citibank could take advantage of provisions aimed at helping smaller firms.

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