Senate panel votes to roll back some Dodd-Frank requirements

Associated Press ^ | Dec 5, 2017 6:36 PM EST | Kevin Freking

[Olog-hai]

A Senate panel on Tuesday approved legislation that would provide banks and credit unions with relief from some of the stricter regulatory requirements put in place after the 2008 financial crisis.

The bill, which was approved by a 16-7 vote, raises the threshold at which bank holding companies are considered too big to fail, thus subjecting them to financial stress tests and a capital-planning review. The threshold would increase from $50 billion to $250 billion.

The panel rejected an array of amendments that senators said could unravel a bipartisan agreement crafted over several months.

The bill is much narrower than what the House passed earlier this year in an effort to undo much of the financial law, known as Dodd-Frank. That bill had no chance of gaining the 60 votes necessary to overcome a filibuster in the Senate.

Supporters from both major parties said the Senate legislation would make it easier for credit unions, community banks and many regional, midsized banks to lend money and enhance economic growth. …

[plain talk]

Yeah but did they ever do away with that bizarre recording requirement that requires banks and investment firms to record every call with every client and make them available to the feds?

Yes - every call you make to engage in a trade with an investment advisor is not only recorded but is made available to the feds. At least that is what Dodd-Frank required unless it has been changed.