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January 15, 2015

House GOP Majority Aiming to Soften Financial Overhaul Law

“WASHINGTON (AP) — The House moved Tuesday toward approving a measure aimed at softening legislation responding to the 2008 financial crisis that put banks and Wall Street under the most sweeping rules since the Great Depression.

“Amid a veto threat from the White House, the legislation pushed by the newly bulked-up Republican majority came under discussion in the House for the second time in less than a week. This time it’s likely to pass, with a vote expected Wednesday that will advance a key Republican priority.

“The bill would alter sections of the 2010 Dodd-Frank financial overhaul. Most notably, the measure would give U.S. banks another two years – until 2019 – to ensure that their holdings of certain complex and risky securities don’t put them afoul of a new banking rule.

“On the House floor, Democratic lawmakers objected to the measure being whisked through the House in the first days of the new Congress without the chance for discussion or changes at the level of congressional committees. The Democrats also were blocked late Monday from bringing about a dozen proposed amendments to a vote on the floor.”

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“The bill would revise the so-called Volcker rule, a key part of the financial overhaul law, which would limit banks’ riskiest trading bets. That kind of risk-taking on Wall Street helped trigger the 2008 crisis.

“Just one week after being sworn into office, the House of Representatives is already showing the American people that its priorities are all wrong,” Dennis Kelleher, president of Better Markets, a group that advocates strict financial regulation, said in a statement.”

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Read the full Associated Press article by Marcy Gordon here.

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