U.S. Treasury suggests easing Volcker rule, cutting CFPB power in report
By Pete Schroeder and Lisa Lambert
June 12 (Reuters) - The U.S. Treasury Department suggested major revisions to key Wall Street regulations that were put in place after the 2008 financial crisis in a lengthy report on Monday suggesting over 100 possible changes.
The vast majority of recommendations laid out in the Treasury's 150-page report can be accomplished by regulators appointed by President Donald Trump without any legislative changes from Congress, Treasury Secretary Steven Mnuchin told lawmakers Monday.
The report relies heavily on those regulators, as the Trump administration cannot count on legislation from Congress. Democrats are resisting major changes to the 2010 Dodd-Frank Wall Street reform law that came out of the financial crisis and was a signature achievement for former President Barack Obama.
Among other things, the Treasury would expand the authority of the Financial Stability Oversight Council, ease up on the Volcker rule, which restricts banks' ability to place speculative market bets, and reduce the authority of the Consumer Financial Protection Bureau.
It would also provide relief for smaller banks by raising a $50 billion asset threshold that now requires tougher regulatory scrutiny. (Reporting by Pete Schroeder; Editing by Diane Craft)
