Page 7 - The GSE Report March-April 2018

TRUMP ADMINISTRATION
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On April 24, the Treasury Department released a report detailing its accomplishments in support of the President’s regulatory reform agenda. The Department’s regulatory reform accomplishments include:
• Eliminating, reducing, or proposing to eliminate more than 300 regulations in total, including ineffective, unnecessary, or out-of-date “deadwood” regulations;
• Reducing Treasury’s regulatory agenda by approximately 100 items, year- over-year, from Fall 2016 to Fall 2017;
• More than 250 specific Treasury recommendations to reform and reduce the burdens of regulation in the U.S. domestic financial system;
• Introducing zero new significant regulatory actions under Executive Order 13771.
“Regulatory reform is a key component of the President’s plan to make American businesses more competitive and create opportunities for hardworking Americans,” said Treasury Secretary Steven T. Mnuchin. “I’m proud of the diligent work we have done at Treasury to ensure that we have an effective and efficient regulatory system.” (Press Release, Treasury Department, 04/24/18)
Senate passes bipartisan bill that would revamp Dodd Frank regulations
By a vote of 67-31, the Senate passed a bipartisan bill that would relax post-crisis regulatory requirements for small and medium banks. A core provision of the bill would raise the asset size from $50 billion to $250 billion of banks subject to Federal Reserve oversight, cutting the number of banks from 38 to 12. The bill also would give the Fed some discretion in monitoring banks with assets ranging from $100 billion to $250 billion, depending on their perceived levels of risk. In addition, banks that originate fewer than 500 mortgages annually would be exempt from reporting certain racial and income data on their mortgages, unless the banks have performed poorly on lending discrimination tests.
In a speech at the American Bankers Association, Senator Mark Warner (D-VA) said the Senate bill “will not pass” if the House makes changes that require a second vote in the Senate. “We’ve stretched this about as far as we can go,” said Warner. “The House of Representatives needs to accept this legislation.”
The White House has signaled that it wants a quick resolution to the bill. The administration is “hopeful” that the president has a bill to sign before the holiday, according to a White House spokeswoman.
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