House to take up Dodd-Frank rewrite 'soon', says Speaker Ryan

U.S. House of Representatives Speaker Paul Ryan smiles at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. May 2, 2018. REUTERS/Lucy Nicholson

WASHINGTON (Reuters) - The U.S. House of Representatives will soon take up a bill easing banking rules adopted after the decade-old global financial crisis, House Speaker Paul Ryan said on Tuesday.

“We will be moving the Dodd-Frank bill,” Ryan told reporters at his weekly news conference, without specifying a timeline. The bill will be voted on “soon,” he said.

The Senate voted 67-32 in March to endorse a bipartisan bill that would ease oversight of small and mid-sized banks, the first rewrite of the Dodd-Frank reform law enacted after the 2007-2009 financial crisis.

House Republicans want to go further than the Senate legislation. They want to reduce compliance costs for banks and make it easier for small companies to raise capital.

Many Democrats say Dodd-Frank provides critical protections for consumers and taxpayers. While the Senate bill passed with the support of 17 moderate Democrats - many of whom are up for election in November - some of those lawmakers have said that they would withdraw support if the measure goes too far.

House Majority Leader Kevin McCarthy, who was also present at the news conference, said “there will be an announcement soon” on when the bill is scheduled for a vote.

Reporting by Susan Cornwell and Katanga Johnson, Editing by Rosalba O’Brien