Small regional banks could get relief from regulations — and Missouri’s Democratic Sen. Claire McCaskill and Republican Rep. Blaine Luetkemeyer are joining in the effort.
McCaskill will introduce a companion bill to one written by Luetkemeyer that previously won House approval, despite heavy Democratic opposition.
McCaskill had not previously signed onto the legislation. She now says she will introduce it in the Senate because the conditions are more favorable for relief for small banks from regulations, commonly referred to as Dodd-Frank, passed in the wake of the financial meltdown of 2008.
She is trying to round up Republican co-sponsors of legislation, virtually identical to the one Luetkemeyer, R-St. Elizabeth, is offering in the House.
Luetkemeyer has been trying to ease restrictions on banks with less than $50 billion in assets, and his legislation passed the House in the previous Congress, 254-161, with 20 Democrats voting for it. But the Senate never seriously considered it, and it faced a potential veto from then President Barack Obama had it been passed.
Read more: St. Louis Post-Dispatch