This bill does nothing for community banks. It eliminates many of the Dodd-Frank financial reform rules for 30 of the biggest banks in the country. Banks this big – like Washington Mutual and Countrywide – were at the heart of bringing down our economy during the 2008 financial crisis.
By replacing any mandatory rules for regulation with discretionary ones, it can be claimed that it is merely improving the system by putting the decisions in the hands of the experts instead of members of Congress. Those same "experts" are the ones making boatloads of money whether big banks fail or succeed and were part of the problem to begin with.