SENATE PANEL OKS BIG CHANGES TO DODD-FRANK

WASHINGTON» A Senate panel on Tuesday approved legislation that would provide banks and credit unions with relief from some of the stricter regulatory requirements put in place after the 2008 financial crisis.

The bill, which was approved by a 16-7 vote, raises the threshold at which bank holding companies are considered too big to fail, thus subjecting them to financial stress tests and a capital planning review. The threshold would increase from $50 billion to $250 billion.

The panel rejected an array of amendments that senators said could unravel a bipartisan agreement crafted over several months.

The bill is much narrower than what the House passed earlier this year in an effort to undo much of the financial law, known as Dodd-Frank.

Supporters from both major parties said the Senate legislation would make it easier for credit unions, community banks and many regional, midsized banks to lend money and enhance economic growth.

Every Republican on the panel voted for the measure, along with four Democratic senators.

Monsanto moves to stop Arkansas fro mb anning weed killer.

» Monsanto

LITTLE ROCK, ARK. has asked a judge to prevent Arkansas lawmakers from banning the use of a weed killer that farmers in several states have said drifts onto their crops and causes widespread damage. The agribusiness filed a motion Tuesday asking a Pulaski County judge to issue a preliminary injunction preventing the state from banning dicamba’s use while the company challenges a prohibition approved by the Arkansas Plant Board last month.

U.S. trade deficit climb sto $48.7 billion. WASHINGTON»

Record imports lifted the U.S. trade deficit to $48.7 billion in October, highest since January.

The Commerce Department said Tuesday that the trade gap rose 8.6 percent in October from $44.9 billion in September. Imports hit a record $244.6 billion in October, and exports were unchanged at $195.9 billion.

Fo rdp ushes electric vehicles in China.

DETROIT» Ford Motor Co. is promising to roll out more than 50 new vehicles in China over the next eight years including 15 powered by electricity as it restructures its business and responds to a government push for cleaner air by making all new vehicles electric.

The automaker announced the ambitious plan on Tuesday in Shanghai.

FDA approves diabetes drug that helps with weight loss.

N.J.» U.S. regulators TRENTON, have approved a new diabetes drug that reduces blood sugar levels and also helps people lose weight. The Food and Drug Administration on Tuesday approved the once-a-week shot for people with Type 2 diabetes. It’s made by Danish drugmaker Novo Nordisk.

Senate panel backs Fe dch air nominee.

WASHINGTON» The Senate Banking Committee has given approval to President Donald Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve.The nomination now goes to the full Senate where it is expected to win easy approval.

Zuckerberg taki ngp arental leave.

YORK» Facebook NEW CEO Mark Zuckerberg says he’s taking parental leave this month to spend more time with his daughters. Zuckerberg took a month off after his second daughter, August, was born in August. — The Associated Press