WASHINGTON—A bill that would provide relief from many of the provisions of the Dodd-Frank Act has now been attached to legislation that would provide funding for departments that include Treasury and Justice.
The effort is the latest bid by Senate Banking Committee Chairman Richard Shelby (R-AL) to get the regulatory relief legislation, the Financial Regulatory Improvement Act of 2015, through Congress. The bill has already been approved by a Senate Appropriations subcommittee. A full panel vote is currently scheduled for Thursday. Much of the regulatory relief is aimed at institutions of $10 billion and below in assets.
Democrats have voiced criticism of the effort to weaken Dodd-Frank, even though it remains unpopular among both bank and credit unions.
The Shelby bill would also affect funding for the CFPB, requiring it to be approved by Congress.