The legislation would be the most significant overhaul of banking oversight to become law since Dodd-Frank was enacted in 2010 and may represent Congress's last shot at dialing back financial regulation before midterm elections in November.
ARNOLD: But Barney Frank says the most fundamental parts of his signature Dodd-Frank Act remain intact, its biggest protections for consumers and the whole financial system.
Such a move has always been sought by congressional Republicans, the Trump administration, and some Democrats.
But House Energy & Commerce Committee Ranking Member Frank Pallone, D-N.J., slammed the Senate version on the floor, pointing to Gottlieb's October testimony before the committee and FDA's expanded access program as evidence that the bill is risky and unnecessary.
While Republicans have painted the bill as a dismantling of the Dodd-Frank Act, signed by President Barack Obama in the wake of the financial crisis, many analysts say that the bill is more of a retooling than a complete dismantling.
They said the measure would give people diagnosed with life-threatening conditions and who've exhausted treatment options access to potentially unsafe or futile unproven drugs.
Rep. Jeb Hensarling, the chair of the House Financial Services committee, and other conservative-leaning House GOP members have long sought a more complete rollback of regulations for all types of financial institutions. Ron Johnson (R-Wis) was approved by the Senate in August 2017 in a deal to move forward must-pass legislation to renew FDA user fees.
The bill will increase the threshold at which banks are deemed so big and plugged into the financial grid that if one were to fail it would cause major havoc. Under Dodd-Frank, banks with $50 billion or more in assets are in that category and fall under the jurisdiction of the Financial Stability Oversight Council. "We're going to be doing a big number on Dodd-Frank", he promised just weeks after taking office previous year, complaining that the regulations choked lending, cramped the economy and hampered job creation.
"The highest priorities for the largest institutions are nowhere to be found", said Heitkamp, adding she had not committed to further easing of capital markets rules sought by banks.
Ahead of the House vote, House Democratic leader Nancy Pelosi of California and California's Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, urged their colleagues not to vote in favor of the bill.
Armed with government data that showed the number of community lenders fell from around 8,400 in 2007 to around 5,500 today, they targeted moderates in states with many small banks but ideally no big players. For example, a farm bill including measures helpful to small banks was voted down by the House this month. And that means they won't be able to come back later and pass more drastic changes. They will not be required to have plans in place to be safely dismantled if they failed. Frank says banks with less than $10 billion in assets don't really do that kind of trading anyway. Drug manufacturers would have to report "adverse events" - safety problems, including premature deaths - only once a year.
Force credit-reporting agencies like Equifax and TransUnion to give consumers free credit freezes, but also shield the agencies from certain class-action lawsuits and allow the firms to offer credit checks for mortgage applications.