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As reported by The Financial Times, US lawmakers have passed a watering-down of Dodd-Frank financial regulations, and the bill is headed to the White House to be approved by President Trump.

Key quotes

“US lawmakers have voted for the biggest changes to financial regulation in eight years, approving a bill that gives banks outside Wall Street’s top tier respite from rules designed to prevent a repeat of the last crisis.

The bill, which passed by a vote of 258 to 159, is seen by some as Congress’s most significant accomplishment since tax reform last year. It does not, however, come close to dismantling Dodd-Frank, an ambition Mr Trump championed in his election campaign.”