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House Passes Bill Rolling Back Obama-Era Banking Regulations

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A bill rolling back financial regulations implemented following the 2008 financial crisis is headed to President Donald Trump's desk for his signature after being approved by the House on Tuesday.

The House voted 258 to 159 in favor of the Economic Growth, Regulatory Relief, and Consumer Protection Act, with 33 Democrats joining with most Republicans to pass the bill.

Following the vote, House Speaker Paul Ryan, R-Wis., called the passage of the bill a major step forward in freeing the economy from overregulation.

"Our smaller banks are engines of growth," Ryan said. "By lending to small businesses and offering banking services for consumers, these institutions are and will remain vital for millions of Americans who participate in our economy."

He added, "By tailoring regulation for these institutions, this bill opens the door to new opportunities for families and small businesses."

The provisions of the bill include an increase in the threshold at which banks are considered "too big to fail" to $250 billion in assets from $50 billion in assets.

The bill also amends the Volcker Rule to exempt banks with under $10 billion in assets and smaller trading portfolios.

A statement from Ryan's office said the legislation would also enhance consumer protections and improve access to credit.

Meanwhile, opponents of the bill claimed it potentially threatens the stability of the financial system and the economy.

"The bill would take us back to the days when unchecked recklessness on Wall Street ignited an historic financial meltdown," said House Minority Leader Nancy Pelosi, D-Calif.

The Senate voted 67 to 31 in favor of the bill in March, with 33 moderate Democratic Senators voting to approve the legislation.

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