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Volcker Rule Repeal Included in Draft House Spending Bill
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House appropriators have included language repealing the Volcker Rule and overhauling the Consumer Financial Protection Bureau in legislation that would fund financial services regulators.
Dozens of policy riders included in the legislation, released June 28, are similar to provisions in the Financial Choice Act (H.R. 10), which passed the House earlier this month.
The appropriations bill would gut the CFPB’s authority to investigate and sanction “unfair, deceptive, and abusive practices.” It would also restrict the CFPB’s supervisory powers and its ability to regulate payday and vehicle-title loans.
“I’m particularly excited about the financial reforms, which slash harmful regulations, streamline outdated agency processes, and rein in the rogue Consumer Financial Protection Bureau,” Rep. Tom Graves (R-Ga.), who chairs the House Appropriations Financial Services Subcommittee, said in a statement. That subcommittee will consider the bill June 29.
The bill also includes Choice Act language on mortgage rules and capital formation.
Agency Funding
The spending bill would give roughly the same amount of money to the Securities and Exchange Commission for fiscal 2018 as the previous two years, approximately $1.6 billion.
The bill would also require use of the appropriations process to fund the CFPB, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and parts of the Federal Reserve not dealing with monetary policy.
The bill represents a first step toward funding the government. Democrats are likely to oppose the funding levels and the policy provisions, which would imperil Senate passage.
Congress has failed for years to fund the government by enacting standalone appropriations bills across a range of discrete subject areas, instead relying on continuing resolutions and omnibus spending packages.
To contact the reporter on this story: Rob Tricchinelli in Washington at rtricchinelli@bna.com
To contact the editor responsible for this story: Seth Stern at sstern@bna.com
For More Information
For the draft legislation, visit https://appropriations.house.gov/uploadedfiles/bills-115hr-sc-ap-fy2018-fservices-financialservicesandgeneralgovernment.pdf
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