Wall Street bank deregulation, Crapo bill: House vote, details

Paul Ryan. Mark Wilson/Getty Images

The House finalized on Tuesday the largest package of Wall Street banking reforms since the financial crisis, rolling back regulations on financial firms, from community banks to credit-reporting agencies.

The legislation — most commonly referred to as the Crapo bill after its author, the Senate banking committee chair Mike Crapo — is the result of more than a year of negotiations among House Republicans, Senate Republicans, and a group of Senate Democrats that support the measure.

The bill passed by a vote of 258 to 159 and will head to President Donald Trump’s desk for his signature. He is expected to sign the legislation.

Proponents of the deregulation bill say the measure will free up regional banks to provide consumers access to credit and help boost the economy. Opponents, including many progressive Democrats, argue that the bill undermines crucial protections passed in the Dodd-Frank Act and could help lead to a repeat of the financial crisis.

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