On Tuesday, May 22, the U.S. House of Representatives passed the amendment to the Dodd-Frank Act with a vote of 258 to 159, led by Republicans and gaining support from some Democrats. This is the largest bipartisan financial regulatory reform passed by the House since the Republicans took control of the White House last year.
On Thursday, May 24, President Trump signed this legislation to relax the regulatory rules imposed on small and medium-sized banks following the 2008 financial crisis.
The new law will ease regulatory requirements for banks with assets below $250 billion, while a few large U.S. banks with assets above $250 billion will still have to comply with stricter regulations.
Some small and medium-sized banks that have been strictly regulated are expected to be freed from past stringent regulations, such as American Express and SunTrust Bank, which can avoid being classified by authorities as "too big to fail" banks.
These banks will no longer be required to conduct the Federal Reserve's annual stress tests or submit "living wills," both of which are safety measures established by the Federal Reserve to prevent financial disasters.
During the signing ceremony, Trump stated that the regulatory provisions specified in the 2010 financial reform law, the Dodd-Frank financial law, "crushed small banks." Trump said that signing this bill is a victory for the authorities in relaxing regulations and promoting economic growth.
The new deregulatory policies and the tax cuts in the United States are bound to attract a larger flow of global capital into the U.S., promoting the dollarization of asset allocation.
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