The bipartisan support comes as a wave of fresh air for the political climate that has traditionally been punctuated with the back-and-forth debate between the two parties, particularly in relation to financial reform and the banking sector, Reuters reports.
The U.S. House of Representatives recently approved two pieces of legislation with overwhelming bipartisan support that would ultimately exempt certain institutions from compliance with trading and derivatives rules that were established on Monday. Democrat and Republican lawmakers said that they were easing up on the rules, arguing that failure to do so would reduce the companies’ profitability and ability to create jobs. The two bills will next move to the Senate, according to The Washington Post.
Tim Johnson, the chairman of the Senate Banking Committee, has openly advocated “technical” changes in Dodd-Frank rules but said that the approval of such changes hedges on the willingness of both political parties to move forward together.
“In today’s political environment, there will need to be broad bipartisan support to get anything approved,” Johnson said at a hearing last week, according to FINCAD Derivatives News.