Wednesday, July 16, 2014


The House GOP tried to protect the banksters and not one radio gasbag will point this out.
U.S. House passes spending bill with Dodd-Frank changes

By Emily Stephenson and Sarah N. Lynch

WASHINGTON, July 16 Wed Jul 16, 2014 6:06pm EDT
(Reuters) - The Republican-led U.S. House of Representatives on Wednesday passed a bill to slash funding for Wall Street oversight and revamp new agencies dedicated to cracking down on fraud against consumers and policing risks after the financial crisis.

Wednesday's legislation contained a raft of other measures.

It would temporarily bar a group of regulators responsible for policing market risks from designating large non-bank companies as "systemically important" - so big that their failure would destabilize markets. Companies given this tag are subjected to tougher scrutiny by U.S. regulators.

The measure would give the U.S. Securities and Exchange Commission a budget of only $1.4 billion, which is $300 million below the White House's request. It also bans the SEC from using federal money to adopt rules that would impose a harmonized fiduciary duty on retail brokers and investment advisers.

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