Treasury to call for rolling back banking regulations
Source: The Washington Post
By Damian Paletta May 18 at 1:56 PM
Treasury Secretary Steven Mnuchin on Thursday said he would soon formally call for rolling back regulations on thousands of small and regional banks, arguing that major changes were necessary to help these companies make more loans and boost the economy.
Testifying before the Senate Banking Committee, Mnuchin previewed two specific recommendations he plans to make in the first of several reports to President Trump next month.
He said he would call for exempting all banks with less than $10 billion in assets from rules under the 2010 Dodd-Frank financial overhaul law. The vast majority of banks have less than $10 billion of assets, and they often complain about excessive regulation.
The second change Mnuchin said he was expecting to recommend would allow many regional banks to escape tighter regulatory scrutiny by raising the $50 billion asset threshold that automatically triggers tougher oversight. He didn’t say, though, what threshold he might recommend.
Read more: https://www.washingtonpost.com/news/wonk/wp/2017/05/18/treasury-to-call-for-rolling-back-banking-regulations/?utm_term=.c2793b33c886&wpisrc=nl_evening&wpmm=1
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