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Congress nears dismantling of federal banking regulations

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Congress is hurtling toward dismantling rules for banks installed to prevent a recurrence of the 2008 financial crisis.
WASHINGTON — Congress is hurtling toward dismantling a chunk of the rules framework for banks installed to prevent a recurrence of the 2008 financial crisis that brought millions of lost jobs and foreclosed homes.
The House planned Tuesday to approve legislation to roll back the Dodd-Frank law, easing rules for banks and notching a legislative win for President Trump, who made gutting the landmark law a campaign promise.
The Republican legislation, pushed by Wall Street banks as well as smaller institutions, carries bipartisan support.
The bill splintered Democrats into two camps when the Senate voted 67-31 to approve it in March.
The bill would increase the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc.

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