On Wednesday, lawmakers voted to weaken Dodd-Frank provisions. Republicans overwhelmingly supported the bill, which President Trump said he would sign once it passed Congress. However, Democrats were divided on the matter, but Democratic Florida Senator Bill Nelson sided with Republicans and was one of the 67 votes that helped propel it against the 31 detractors. One Independent Senator and 16 Democrats joined Republicans in passing the measure from Idaho Republican Senator Mike Crapo.
Crapo, discussing the bill, said that “Many people are worried about the gridlock in Congress. This bill shows that we can work together and can do big things that make a big difference in the lives of people across this country.”
Commenting on his decision to support the bill, Senator Nelson explained that “This bill will help local and community banks and credit unions invest in their community by ensuring access to loans for families looking to own a home and small businesses. It also includes important consumer protections for seniors, veterans, and families sacked with student loan debt.”
Soon after the vote took place, the White House released a statement detailing that “The bill provides much-needed relief from the Dodd-Frank Act for thousands of community banks and credit unions, and will spur lending and economic growth without creating risks to the financial system.”
In addition, doing away with Dodd-Frank was a campaign pledge that President Donald Trump made.