Federal Spotlight: House Passes Dodd-Frank Rollback; President Signs Bill

Dodd-Frank, which put several new regulations and rules on financial institutions, was signed into law in 2010 following the financial crisis of 2008. On Tuesday, the House of Representatives passed a sweeping overhaul of the Dodd-Frank Act by a vote of 258-159. The bipartisan bill is geared towards providing relief to smaller and regional financial institutions from overly burdensome rules. One key aspect of the bill is it raises the asset threshold from $50 billion to $250 billion before banks are subject to stricter scrutiny and oversight from the Federal Reserve. The Senate previously approved the bill 67-31 in March. President Trump signed the bill into law on Thursday, but the Federal Reserve will play a large role in determining how much and how soon relief is actually given to these financial institutions.