After several years of financial policy defeats, banks finally basked in a legislative victory: the first real package of regulatory relief since the crisis. But the long-term effects of that victory are still to be determined. Here is what it all means.
Though the regulatory relief law easing the Dodd-Frank Act does little to help the biggest banks, it is still fueling progressive Democrats' anger at Wall Street. That will matter when Democrats eventually retake power.
As President Trump signed the regulatory relief bill into law on Thursday, most of the attention was on a provision to help regional banks with more than $50 billion of assets. But a majority of the new law is aimed at helping institutions below $10 billion. Here's how.
Jelena McWilliams, most recently chief legal officer at Fifth Third, previously served as a Senate GOP aide and an attorney at the Federal Reserve Board.
Banks earned a record-shattering $56 billion in the first quarter, even before the regulatory relief bill is enacted. More victories, policy and otherwise, are on their way.
