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US Senate reaches deal to cut number of systemically important banks
A bipartisan group of U.S. senators said on Monday they had reached a tentative deal to cut the number of banks labeled systemically risky, in a major step forward for efforts to roll back regulations enacted following the 2008 financial crisis. The bill would exempt banks with less than $250 billion in assets - including BB&T, SunTrust Banks and American Express - from heightened regulatory scrutiny, in a move that could redraw the domestic U.S. banking landscape by reducing costs and unleashing a wave of mergers and acquisitions activity. The agreement also proposes exempting banks with less than $10 billion in ... (full story)