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November 20, 2012

May 18, 2012 – House Financial Services Financial Institutions Subcommittee hearing entitled "The Impact of the Dodd/Frank Act: Understanding Heightened Regulatory Capital Requirements."

The Ranking Members of the Full Committee, Barney Frank, made the only opening statement in order to comment on the real purpose of the hearing. The subject matter was a review of a bill providing legislative relief to a New York financial institution, Emigrant Bank, in the form of an exemption to certain capital requirements contained in the Dodd/Frank law. Mr. Frank said he had no objections to the legislation but wanted to have a hearing to make sure there were no unintended problems with the bill.

Only two witness testified. A representative of The Clearing House spoke in favor of the exemption provided in the new law because it generally favored smaller institutions, The Emigrant Bank witness explained how a temporary situation caused his bank to not qualify for the exemption. The legislation would restore the bank’s exemption since there well below the bill’s thresh hold to qualify  for the exemption.

Congressional Activities

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