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.
Wednesday, July 16, 2014
The House GOP tried to protect the banksters and not one radio gasbag will point this out.
Posted by Steve J. at 7:07 PM