The US Senate has passed a bill to roll back banking regulations put in place in the wake of the 2008 financial crisis. The bill exempts banks with less than $250bn in assets from strict oversight under the Dodd-Frank Act of 2010.
The draft legislation was approved in a 67-31 vote and must now go through the House of Representatives.
The Dodd-Frank act was brought in with the aim of avoiding another financial meltdown.
Supporters of the 2010 act say it has made the financial system safer - forcing large financial institutions to hold more money to use in the event of a financial shock, increasing protections for consumers, and improving stress tests.
Its opponents, including small to mid-sized banks, community banks and other financial institutions, say the regulation has inhibited growth and is overly complex. [...]
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