WASHINGTON (AP) — The Senate has passed bipartisan legislation easing bank rules that were enacted after the financial crisis to prevent a relapse.
The Senate voted 67-31 for a bill from Republican Senator Mike Crapo of Idaho that would scale back provisions of the law known as Dodd-Frank.
The bill is particularly aimed at helping small and medium-sized banks, but critics argue that the likelihood of future taxpayer bailouts will increase if it becomes law.
The House has already passed more expansive legislation. Now, lawmakers will try to work out a compromise that both chambers can support. That may be difficult as negotiators try to appease GOP lawmakers without losing the support of a core group of Democratic senators who backed Crapo's banking legislation.