For years now both US political parties have been advocating modifications of the Dodd Frank Act, both large and small. Of particular note is the current Republican proposal to increase ten times (10X) the size of a "systemically important fianncial instution", which is the the test of whether a financial instution is "too big to fail." While both parties agree change is appropriate, the gross change advovated by Republicans would gut much of the protection afforded by Dodd Frank.
Democrats in the U.S. House of Representatives teamed up with their counterparts in the Senate on Wednesday to promote a banking regulatory relief bill they say is better than a broader version pushed by Republicans. Among some of the controversial measures in the Republican proposal is a measure that would reduce the number of banks deemed systemically important, a tag that carries greater oversight by the Federal Reserve. Republicans want to raise the threshold to $500 billion in assets from the current $50 billion, but Democrats say that is far too high. Other measures include loosening certain mortgage restrictions, reforming the structure of the Fed, and making several governance changes at the Financial Stability Oversight Council, a panel of regulators that polices emerging market threats.
http://www.reuters.com/article/2015/06/03/congress-democrats-bill-idUSL1N0YP1G020150603
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