The nearly 150-page report suggested more than 100 changes, most of which would be made through regulators rather than Congress, Treasury Secretary Steven Mnuchin said in an interview.
The plan would also expand the authority of the Financial Stability Oversight Council, which is chaired by Mnuchin, and change the way global capital standards are implemented to give U.S.
The industry has long sought many of the proposed changes, which would mostly benefit banks like JPMorgan Chase (jpm) , Bank of America (bac), Citigroup (c), Wells Fargo & Co (wfc), Goldman Sachs Group (gs) and Morgan Stanley (ms).
Democratic Senator Elizabeth Warren, a critic of Wall Street, said it would "make it easier for big banks to cheat their customers and spark another financial meltdown." Her Democratic colleague Senator Sherrod Brown noted that Treasury consulted with industry groups more than consumer groups, by a ratio of 17-to-1, while developing its report.
Some of the Treasury's proposals, like defanging the CFPB, would require new laws to be written and therefore face an uphill political battle.