US Congress passes partial Dodd-Frank rollback in move to deregulate banking

Bill partially lifts restrictions enacted after 2008 financial crash as Republicans tell banking sector 'help is on the way'

The US Congress on Tuesday passed a partial rollback of banking rules put in place to prevent a repeat of the 2008 financial crisis, sending the bill for Donald Trump's signature, in what amounts to a major step in the administration's plan to return to a more deregulated banking system.

While the measure does not entirely repeal the 2010 Dodd-Frank law, as many Republicans wanted, the legislation lifts the threshold at which banks are deemed too big to fail and releases smaller and medium sized banks from stricter capital and planning requirements.

Related: The rich and the right aim to dynamite Dodd-Frank - and Democrats are helping them do it | Ross Barkan