The Board of Governors voted 4-1 in favor of the changes, with the dissenter saying they would weaken core safeguards.
While preventing another financial crisis is paramount, there were a number of unintended consequences of the law.
BoE wants banks to keep lending and discourage insurers from dumping corporate bonds.
The banks' projected capital cushions in the event of a severe recession all exceeded the Fed's minimum requirements.
Central bank sees the Dodd-Frank mandate as a way for banks to "bear the costs that a failure would impose on others."
