Fiji Time: 1:05 AM on Friday 24 November

Fiji Times Logo

/ Front page / Business

'Risky banks'

Wednesday, November 15, 2017

WASHINGTON - A bipartisan group of US senators said on Monday they had reached a tentative deal to cut the number of banks labelled systemically risky, in a major step forward for efforts to roll back regulations enacted following the 2008 financial crisis.

The bill would exempt banks with less than $US250 billion ($F519b) in assets —including BB&T, SunTrust Banks and American Express — from heightened regulatory scrutiny, in a move that could redraw the domestic US banking landscape by reducing costs and unleashing a wave of mergers and acquisitions activity.

The agreement also proposes exempting banks with less than $US10b ($F20b) in assets from the so-called Volcker Rule, which bans banks from speculating in markets with their own capital — despised by lenders for its heavy compliance costs.

Bankers, who have been lobbying hard for congressional regulatory relief under the business-friendly administration of Republican President Donald Trump, cheered the deal as a positive signal for the industry.

"While this legislation could go much further, ABA still views this bipartisan bill as an important first step in right-sizing the rules for America's banks," Rob Nichols, president and CEO of the American Bankers Association said in a statement.

The House of Representatives has already passed a broad rewrite of the Dodd-Frank law, but Senate agreement is necessary before the Republican-led Congress can approve easing rules for banks.

Industry expectations on a final deal had been muted because Senate Republicans need eight Democrats to support their efforts in order to pass changes to the post-crisis rules.

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.62030.6013
JPY 54.872451.8724
GBP 0.36510.3571
EUR 0.41280.4008
NZD 0.71500.6820
AUD 0.64370.6187
USD 0.48980.4728



Exchange Rate updated on 23rd, November, 2017

Today's Most Read Stories

  1. Mystery writings
  2. Bati hopes to rise again
  3. Bati's best
  4. $35k celebration query
  5. ATM fraud probe
  6. Regulations on crab sizes for food, money
  7. Students celebrate end of school year
  8. Flood-hit families brace for more rain
  9. Rosy's fond memories
  10. Police leadership gaps

Top Stories this Week

  1. Celebration planned to welcome COP23 delegates Tuesday (21 Nov)
  2. COP23: France invite for Timoci Friday (17 Nov)
  3. The Crying Rock Sunday (19 Nov)
  4. Bid to win Tuesday (21 Nov)
  5. Walker brothers' radar focuses on Fiji Bati kingpin Friday (17 Nov)
  6. Mystery writings Thursday (23 Nov)
  7. 'God first' Sunday (19 Nov)
  8. Fiji Bati requests for continued prayers Monday (20 Nov)
  9. Bati rest day Tuesday (21 Nov)
  10. 'Testament of our defence' Sunday (19 Nov)