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How the rollback of Obama-era financial regulations could affect you

A new banking bill won’t just impact the big banks like Chase JPM, +0.10% and Wells Fargo WFC, -1.05% — if it becomes law, it will impact most Americans too.

The Senate approved a bill last week that will roll back some aspects of the Dodd-Frank banking reform bill, which was passed in 2010 after the financial crisis. It will make many small and midsize banks exempt from parts of Dodd-Frank. The bill was sponsored by Mike Crapo, a Republican senator from Idaho. It will now move to the House, where it could be amended further.

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