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Trump signs Dodd-Frank rollback into law, ending Obama-era banking rules

[JURIST] US President Donald Trump signed a bill [text, PDF] into law Thursday that decreases some Obama-era regulations imposed on banks by the Dodd-Frank Act [text, PDF].

Trump's signature comes just two days after House approval [JURIST report] on Tuesday.

The new law allows banks with up to $250 billion in assets, as opposed to the previous $50 billion, escape some of the Dodd-Frank Act's most stringent rules. The legislation does not provide relief to the nation's largest banks like JPMorgan Chase or Goldman Sachs, but reduces the number of banks subject to this heightened regulatory scrutiny 38 banks to just 12 [WP report], releasing tightened regulations for banks including SunTrust, Citizens Financial Group, and BB&T Corp.

In a statement [remarks] upon signing Trump said:

The legislation I'm signing today rolls back the crippling Dodd-Frank regulations that are crushing community banks and credit unions nationwide. ... Since its passage in 2010, Dodd-Frank has dealt a huge blow to community banking. As a candidate, I pledged that we would rescue these community banks from Dodd-Frank—the disaster of Dodd-Frank—and now we are keeping that commitment."

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