A bill aimed at paring tough financial regulations implemented after the 2008 economic crisis passed 67 votes to 31 in the Senate March 14, The Washington Post reports.
Here are four things to know about the proposal.
1. The bill marks the largest loosening of regulations since 2008, freeing 24-plus banks from the heftiest rules focused on shielding taxpayers from future bailouts or another financial crisis.
2. Sarah Huckabee Sanders, White House press secretary, said 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," according to the report.
3. The regulation garnered wide bipartisan support and its passage was expected, but the vote highlighted marked differences within the Democratic party.
4. Sens. Elizabeth Warren, D-Mass., and Sherrod Brown, D-Ohio, aggressively opposed the bill, arguing it put taxpayers at risk. Sens. Heidi Heitkamp, D-N.D., Joe Donnelly, D-Ind., and Jon Tester, D-Mont., argued the bill aims to ease regulatory burden affecting small banks and credit unions, particularly in rural states, The Washington Post reports.
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