Bipartisan banking reform passes in Senate

The Senate passed bipartisan legislation Wednesday to rewrite controversial banking rules. President Barack Obama signed the regulations in 2010 after the financial crisis of 2007 and 2008. The law was designed to rein in big banks and protect against a future collapse, but critics said it ran many small banks out of business. “When this bill is signed into law, it will right-size regulation for financial institutions, including community banks and credit unions, making it easier for consumers to get mortgages and to obtain credit,” Sen. Mike Crapo, R-Idaho, said Wednesday. Crapo is chairman of the Senate Banking, Housing, and Urban Affairs Committee. The bill passed by a vote of 67-31, with 16 Democrats and one independent siding with Republicans.