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Congress has forgotten the "devastating impact of the financial crisis", Senator Elizabeth Warren said on Tuesday as Republicans moved closer to relaxing banking regulations implemented after the financial crash of 2008. Because the bill also includes relief for smaller community banks, exempting those with less than $10 billion in assets from the Volcker Rule, which restricts banks from speculative investments in hedge funds and other riskier products. The bill has overwhelming Republican support and enough Democratic backing that it's expected to gain the 60 votes necessary to clear the Senate.

If you find yourself citing inaccurate and/or disingenuous data to support your vote on the floor of the US Senate, maybe you should re-think your vote.

Texas Republican Rep. Jeb Hensarling tells CNN Tuesday the bill also helps smaller banks.

"There are places where we should do targeted changes in laws and regulations to make sure community banks don't have to endure regulations", Warren said in 2017 at the Wall Street Journal CFO Network Annual Meeting. Sherrod Brown, the top Democrat on the Senate Banking Committee. They say the legislation will help local credit unions and small community banks that have struggled to adhere to strict regulations aimed at bigger banks.

Democrat of Montana last week at a Senate Banking Committee hearing. Credit Erin Schaff for The New York
Democrat of Montana last week at a Senate Banking Committee hearing. Credit Erin Schaff for The New York

Nearly from the start there were claims that the rules needed tweaking, especially when it came to treating small community banks the same as large national banks.

In a pen-and-pad with reporters on Tuesday, four moderate Democrats - Heitkamp, Tester, Donnelly and Warner - tried to dispel mischaracterizations of the bill.

I poked some fun yesterday at how JPMorgan Chase and Bank of America appear to be ignoring consumer trends in their push to expand the brick-and-mortar branch networks.

Sen. Mike Crapo, an Idaho Republican who introduced the measure, said Monday that it "is anything but a deregulation of Wall Street", The Washington Post reported.

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He added: "There's been a five-year delay on M&A in the banking industry". "Now all of a sudden I can look tactically at acquisitions of banks for $10 to $50 billion".

"This begins the process of pushing back a little bit on the excesses of Dodd-Frank", Toomey said, "which are holding back economic growth and imposing completely unreasonable costs on small banks and banks that are not systemically a threat to the country".

The legislation exempts almost a dozen financial companies with assets between $50 billion and $250 billion from enhanced scrutiny by the Federal Reserve. The CBO notes that this scenario is unlikely in any given year, but it says the bill makes it more probable.

Warren further took aim at a word change included in the legislation that she argued could allow big banks to sue the Federal Reserve if they don't agree with its rule changes.

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If this threshold change becomes law, several dozen major banks and financial institutions-including BB&T, American Express, Credit Suisse, Regions Financial, Citizens Financial, and SunTrust-would no longer be subject to the most rigorous checks, and the total number of financial institutions under the highest level of oversight would drop from 40 to about 12.

The House passed a more comprehensive financial deregulation bill a year ago, but senators are hopeful that the House will accept the bill that they approve with only minor changes.

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