WASHINGTON — The White House signed a five-year, bipartisan highway bill into law Friday evening.
The stamp of approval comes after lawmakers spent weeks negotiating the roughly $300 billion deal ahead of Friday's funding deadline. The measure passed with strong votes in both the House and Senate on Thursday.
Lawmakers cut the dividend for Federal Reserve stock owned by banks to help pay for the measure. The payout rate will now be tied to the 10-year rate for Treasury bonds, down from a steady rate of 6%. The bill also taps funds from the Fed's capital surplus account to pay for the transportation program. At the same time, banks come away from the deal with well over a dozen regulatory relief measures, including a loosening of privacy disclosure rules and an exam cycle extension for some small institutions.