Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
House Financial Services Committee Republicans May 3 turned aside several Democratic attempts to preserve the Consumer Financial Protection Bureau’s power, while considering a wide-ranging Dodd-Frank overhaul bill that would limit the bureau’s authority.
Committee Democrats further dragged out preliminary steps to advance the legislation, offering amendments later in the day that would require analysis of President Donald Trump’s tax returns and whether he stands to benefit from its passage.
Panel Republicans oppose the additions. Democrats also introduced potential changes to the Financial Choice Act (H.R. 10) that would preserve the Labor Department’s fiduciary rule and skirt efforts to add congressional scrutiny of the Federal Reserve.
Debate over the amendments took up most of the day, and Democrats were expected to offer several more as the evening wore one. Voting on the amendments and the underlying legislation was scheduled for May 4, according to Chairman Jeb Hensarling (R-Texas), who introduced the legislation.
The Republican bill would bring the CFPB under congressional appropriations. An amendment from Rep. Nydia Velázquez (D-N.Y.) to strike that from the bill was defeated, 32-24, along party lines.
The bill would also negate the bureau’s authority to fight “unfair, deceptive, or abusive acts and practices,” and an attempt by Rep. Carolyn Maloney (D-N.Y.) to remove that from the bill was defeated in committee by the same margin.
Debate over other aspects of the bill broke along typical party lines, with a few exceptions.
Rep. French Hill (R-Ark.) weighed in on the bill’s “choice” that if a bank keeps a 10 percent leverage ratio, it can get out from under additional regulations.
“I wish it were higher, personally,” he said. “But the legislative process is a compromise.”
To contact the reporter on this story: Rob Tricchinelli in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Phyllis Diamond at email@example.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)