WASHINGTON – The Senate approved a massive, five-year transportation bill Thursday night, with the package now on its way to the White House where it is expected to be signed.
The 83-16 vote came just ahead of a Dec. 4 funding deadline for the highway program, after lawmakers spent weeks negotiating the roughly $300 billion deal. The House overwhelmingly approved the legislation earlier Thursday afternoon.
Bankers won a range of regulatory relief provisions as part of the legislation, but banks over $10 billion will see a cut to their dividends on Federal Reserve stock they're required to hold to help pay for the measure. The 6% dividend on the stock will instead be tied to the 10-year rate for Treasury bonds. Lawmakers also tapped funds from the Federal Reserve's capital surplus account to pay for the bill.