A Senate panel on Tuesday approved legislation that would provide banks and credit unions with relief from some of the stricter regulatory requirements put in place after the 2008 financial crisis.
The bill, which was approved by a 16-7 vote, raises the threshold at which bank holding companies are considered too big to fail, thus subjecting them to financial stress tests and a capital-planning review. The threshold would increase from $50 billion to $250 billion.
The panel rejected an array of amendments that senators said could unravel a bipartisan agreement crafted over several months.
The bill is much narrower than what the House passed earlier this year in an...