Roughly all 51 Republican senators are expected to back Crapo's bill, and Republican leadership is counting on at least 12 Democrats to vote for the measure. If not, formal debate could be held up for up to 30 hours.
But Sen. Elizabeth Warren, a Massachusetts Democrat, is sounding the alarm. Warren said banks got their wish-list in the bill, but consumers got next to nothing. It's unclear if she will be able to get votes on her proposals.
"This bipartisan legislation is a common-sense approach that maintains regulatory authority but makes reasonable changes that allow traditional lenders to better meet the credit needs of the people and businesses in our rural and urban markets", said the letter to Banking Committee Chairman Mike Crapo, R-Idaho, and Sen. Millions of people lost their jobs.
The non-partisan Congressional Budget Office found that the legislation could increase the chances of another bank bailout. He said Wall Street banks always want "a new exception, or a new, weaker standard, or a new tax break".
Several senior Democratic senators, including Warren and Sherrod Brown, have come out against it. "Hard working Americans shouldn't have to pay for favors to Wall Street, foreign mega-banks and their lobbyists".
Not every Democrat is supporting the bill. Nonetheless, Senate Bill 2155 is predicated on the assumption that the Dodd-Frank reforms have muted business and need a remodeling.
Their support for the long-sought reform may also demonstrate to their voters, many who voted for Trump, that they can work with the president and not reflexively oppose anything he supports.
Dodd-Frank has its virtues, but it also has many flaws.
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Republicans have tried for years to revise the law but only recently have some Democrats begun to support tweaks. "We must not intentionally blind regulators to these risks in advance".
"All community banks would like to see some rollback", May said.
Other centrist Democratic backers include Sens.
"This election has nothing to do with this", said Senator Jon Tester, Democrat of Montana. That damage is why the bill on the floor this week would roll back the most costly regulations and requirements on the most vulnerable of banks. Because the bill also includes relief for smaller community banks, exempting those with less than $10 billion in assets from the Volcker Rule, which restricts banks from speculative investments in hedge funds and other riskier products.
"On a fully phased-in basis, data as of 30 June 2017 show that all banks in the sample meet both the Basel III risk-based capital minimum Common Equity Tier 1 (CET1) requirement of 4.5% and the target level CET1 requirement of 7.0% (plus any surcharges for G-SIBs, as applicable)". Bernie Sanders, I-Vt., said in a statement.
Other co-sponsors come from purple states, like Tim Kaine and Mark Warner of Virginia, Michael Bennet of Colorado, and Gary Peters of MI. "But I believe a outcome of it has been to accelerate consolidation of banks".
The Department of the Treasury released a 57-page proposal that did not fully repeal Dodd Frank, keeping a crucial provision that allows the Federal Deposit Insurance Corporation (FDIC) to take control of an insolvent bank and restructure it using federal money. "And that pressure on the Fed will lead to a systematic weakening of the rules for all the big banks. It is hubris to think we can gut the rules on these banks again, but avoid the next crisis", said Brown, the top Democrat on the Senate Banking Committee.
"We feel very good about getting through this process", Warner told reporters.
Financial experts have expressed concern about bumping up the threshold to $250 billion, including former Federal Reserve Governor Daniel Tarullo.