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Remember when the banks were sinking and new legislation was passed? Well, Big Wall Street Banks See Chance to Weaken Post-Crisis Rule The Senate plans to vote this week on a bill to allow hundreds of smaller banks to avoid some of the stricter federal rules part of the 2010 Dodd-Frank law; but with a little-noticed provision creates a small exemption to a capital requirement meant to prevent banks from running into the same type of financial crunch that helped tip the economy into the Great Recession, is being seized on by major banks including Citigroup and JPMorgan Chase. Not only that, this bill would lighten the regulation of banks that have less than $250 billion in loans, securities and other assets, a group that includes American banks which has raised concerns that it will allow big foreign banks to chip away at United States safeguards!
At www.nytimes.com
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