In a rare bipartisan effort Tuesday, House lawmakers voted 258 to 159 to exempt banks with less than $250 billion in assets from many of the 2010 Dodd-Frank Act regulations, even though banks’ profits are soaring. The Dodd-Frank Act was passed after the 2008 economic crisis, which was provoked by years of risky lending by Wall Street banks. Thirty-three Democrats joined their Republican counterparts in voting for the financial regulation rollback, which, if signed into law, would leave less than 10 banks in the U.S. subject to stricter federal oversight. DN! speaks with Minnesota Democratic Congressmember Keith Ellison. He is the first Muslim member of Congress and the deputy chair of the Democratic National Committee, or DNC.
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