The U.S.
Treasury Department suggested major revisions to key Wall Street regulations
that were put in place after the 2008 financial crisis in a lengthy report on
Monday suggesting over 100 possible changes.
The vast
majority of recommendations laid out in the Treasury's 150-page report can be
accomplished by regulators appointed by President Donald Trump without any
legislative changes from Congress, Treasury Secretary Steven Mnuchin told
lawmakers Monday.
The report
relies heavily on those regulators, as the Trump administration cannot count on
legislation from Congress. Democrats are resisting major changes to the 2010
Dodd-Frank Wall Street reform law that came out of the financial crisis and was
a signature achievement for former President Barack Obama.
Among other
things, the Treasury would expand the authority of the Financial Stability
Oversight Council, ease up on the Volcker rule, which restricts banks' ability
to place speculative market bets, and reduce the authority of the Consumer
Financial Protection Bureau.
It would
also provide relief for smaller banks by raising a $50 billion asset threshold
that now requires tougher regulatory scrutiny.
REUTERS*
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