Article snippet: The House on Tuesday passed a bill to loosen federal regulations on the banking sector, securing an election-year legislative accomplishment that is likely to be touted by members of both parties. The 258-159 House vote sends the bill to MORE, who has pledged to sign it. The bill was opposed by only one Republican, while 158 Democrats voted against it. “We’ve been losing a community bank or credit union every other day in America, and with it the hopes and dreams of millions,” said Rep. MORE (R-Texas), chairman of the House Financial Services Committee. “But today, that changes. Help is on the way.” The legislation represents the first significant overhaul of the banking rules passed by a Democratic Congress in the aftermath of the 2008 financial crisis. While the legislation falls well short of Trump’s campaign pledge to “dismantle” Dodd-Frank, it also includes significant changes to the law that have long been sought by U.S. banks and credit unions. The measure, which had been held up in the House for more than two months after passing the Senate in March, will free dozens of regional banks from stricter Federal Reserve oversight and scores more from lending and data reporting rules. The bill’s passage is a big win for several vulnerable Senate Democrats running for reelection in states that Trump won in 2016. Democratic Sens. MORE (W.Va.) were all original co-sponsors of the legislation. They will now be able to tout passage of the measure as an example of ho... Link to the full article to read more