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June 30, 2016

The Hill: Dodd-Frank backers heap praise on GE Capital decision

” Proponents of the Dodd-Frank financial reform law are taking a victory lap after regulators relaxed rules on a financial firm. Advocates for strict rules on Wall Street said the Wednesday decision by regulators to step back oversight on GE Capital is actually a good sign for the landmark financial reform law. Regulators decided Wednesday that the lending arm of General Electric no longer posed a threat to the overall financial system, and as such did not require the heightened regulations that come with being a “systemically important financial institution,” or SIFI.”

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“Contrary to the nonstop, hysterical claims of industry and its political allies, FSOC has been thorough, deliberative, and fair throughout the designation process, focusing carefully on a rigorous data-driven analysis and clear systemic threats,” said Dennis Kelleher, president and CEO of Better Markets, a Wall Street reform advocacy group.

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To read the full Hill article by Peter Schroeder click here.

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