Last Updated Mar 14, 2018 7:01 PM EDT
The Senate passed bipartisan legislation Wednesday night easing bank rules that were enacted after the financial crisis to prevent a relapse.
The Senate voted 67-31 for a bill from Republican Sen. Mike Crapo of Idaho that would scale back provisions of the law known as Dodd-Frank. Dodd-Frank became law in 2010, after the financial collapse of 2008.
The bill is particularly aimed at helping small and medium-sized banks, but critics argue that the likelihood of future taxpayer bailouts will increase if it becomes law.
The House has already passed more expansive legislation. Now, lawmakers will try to work out a compromise that both chambers can support. That may be difficult as negotiators try to appease GOP lawmakers without losing the support of a core group of Democratic senators who backed Crapo's banking legislation.
"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," White House press secretary Sarah Sanders said. "By tailoring regulation, the bill seeks to prevent excessive regulation from undermining the viability of local and regional banks and their ability to serve their communities. The president looks forward to discussing any further revisions the House is interested in making, with the goal of bipartisan, pro-growth Dodd-Frank relief reaching his desk as soon as possible."