Senate passes rollback of Dodd-Frank banking rules put in place after 2008 financial crisis
Source: Washington Post
The Senate on Wednesday passed the most significant loosening of financial regulations since the economic crisis a decade ago, delivering wide bipartisan support for weakening banking rules despite bitter divisions among Democrats.
The bill, which passed 67 votes to 31, would free more than two dozen banks from the toughest regulatory scrutiny put in place after the 2008 global financial crisis. Despite President Trumps promise to do a big number on the Dodd-Frank Act of 2010, the new measure leaves key aspects of the earlier law in place. Nonetheless, it amounts to a sweeping rollback of banking rules aimed at protecting taxpayers from another financial crisis and future bailouts.
Given the bipartisan support for the bill, Wednesdays passage was expected. But for the first time since Trump became president, the divisions lurking within the Senate Democratic Caucus burst into full view, with Sens. Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio) leading vehement opposition to the bill, even as supporters including Democrats up for reelection in states Trump won supported it with equal vigor.
Warren and Brown argued the bill amounts to a gift to Wall Street that increases taxpayer risk while boosting the chances of another financial crisis. Supporters of the legislation including endangered Democratic Sens. Heidi Heitkamp (N.D.,), Joe Donnelly (Ind.), and Jon Tester (Mont.) disputed that characterization, contending that the bills aim is to loosen onerous regulations on local banks and credit unions, freeing them to focus more on community lending, particularly in rural states.
Read more: https://www.washingtonpost.com/news/business/wp/2018/03/14/senate-passes-rollback-of-dodd-frank-banking-rules-put-in-place-after-2008-financial-crisis/?utm_term=.da6bad6a23dd
This was also part of their real agenda.
Original article -
The Trump administration supports the bill, and House Republicans have already passed their own version of it. The House version makes deeper cuts to banking rules, but Republican leaders are hopeful they can reconcile the two measures and send it to President Trumps desk.
This is a developing story. It will be updated.
ETA - Vote tally -
Alexander (R-TN), Yea
Baldwin (D-WI), Nay
Barrasso (R-WY), Yea
Bennet (D-CO), Yea
Blumenthal (D-CT), Nay
Blunt (R-MO), Yea
Booker (D-NJ), Nay
Boozman (R-AR), Yea
Brown (D-OH), Nay
Burr (R-NC), Yea
Cantwell (D-WA), Nay
Capito (R-WV), Yea
Cardin (D-MD), Nay
Carper (D-DE), Yea
Casey (D-PA), Nay
Cassidy (R-LA), Yea
Cochran (R-MS), Yea
Collins (R-ME), Yea
Coons (D-DE), Yea
Corker (R-TN), Yea
Cornyn (R-TX), Yea
Cortez Masto (D-NV), Nay
Cotton (R-AR), Yea
Crapo (R-ID), Yea
Cruz (R-TX), Yea
Daines (R-MT), Yea
Donnelly (D-IN), Yea
Duckworth (D-IL), Nay
Durbin (D-IL), Nay
Enzi (R-WY), Yea
Ernst (R-IA), Yea
Feinstein (D-CA), Nay
Fischer (R-NE), Yea
Flake (R-AZ), Yea
Gardner (R-CO), Yea
Gillibrand (D-NY), Nay
Graham (R-SC), Yea
Grassley (R-IA), Yea
Harris (D-CA), Nay
Hassan (D-NH), Yea
Hatch (R-UT), Yea
Heinrich (D-NM), Not Voting
Heitkamp (D-ND), Yea
Heller (R-NV), Yea
Hirono (D-HI), Nay
Hoeven (R-ND), Yea
Inhofe (R-OK), Yea
Isakson (R-GA), Yea
Johnson (R-WI), Yea
Jones (D-AL), Yea
Kaine (D-VA), Yea
Kennedy (R-LA), Yea
King (I-ME), Yea
Klobuchar (D-MN), Nay
Lankford (R-OK), Yea
Leahy (D-VT), Nay
Lee (R-UT), Yea
Manchin (D-WV), Yea
Markey (D-MA), Nay
McCain (R-AZ), Not Voting
McCaskill (D-MO), Yea
McConnell (R-KY), Yea
Menendez (D-NJ), Nay
Merkley (D-OR), Nay
Moran (R-KS), Yea
Murkowski (R-AK), Yea
Murphy (D-CT), Nay
Murray (D-WA), Nay
Nelson (D-FL), Yea
Paul (R-KY), Yea
Perdue (R-GA), Yea
Peters (D-MI), Yea
Portman (R-OH), Yea
Reed (D-RI), Nay
Risch (R-ID), Yea
Roberts (R-KS), Yea
Rounds (R-SD), Yea
Rubio (R-FL), Yea
Sanders (I-VT), Nay
Sasse (R-NE), Yea
Schatz (D-HI), Nay
Schumer (D-NY), Nay
Scott (R-SC), Yea
Shaheen (D-NH), Yea
Shelby (R-AL), Yea
Smith (D-MN), Nay
Stabenow (D-MI), Yea
Sullivan (R-AK), Yea
Tester (D-MT), Yea
Thune (R-SD), Yea
Tillis (R-NC), Yea
Toomey (R-PA), Yea
Udall (D-NM), Nay
Van Hollen (D-MD), Nay
Warner (D-VA), Yea
Warren (D-MA), Nay
Whitehouse (D-RI), Nay
Wicker (R-MS), Yea
Wyden (D-OR), Nay
Young (R-IN), Yea
https://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=115&session=2&vote=00054
= new reply since forum marked as read
There were 20-some Democrats who voted for this but it still needs to be reconciled with the House version, thus it has a ways to go before becoming final.
Compliments of the traitorous GOP!