Four financial trade associations sent a letter to Senate leaders touting the regulatory relief bill as "example of how our elected leaders can advance necessary solutions by working together and across the aisle."
A regulatory relief package is likely to come out of the Senate in the new year, and lawmakers could follow it up with a housing finance reform push. But the midterm elections could cause some reform initiatives to grind to a halt.
A bipartisan Senate alliance working on a bank regulatory relief bill appeared even stronger Tuesday as it worked to minimize changes in the interest of moving the legislative package to the Senate floor.
Discussions on a regulatory relief package between the top Democrat and Republican on the Senate Banking Committee broke down late Tuesday, but members from both parties remain hopeful they can reach a bipartisan deal.
Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.