The House Financial Services Committee Tuesday approved H.R. 5983, Chairman Jeb Hensarling's (R-Texas) plan to overhaul the Dodd-Frank Act and the rest of the financial regulatory regime after Democrats moved to shut off debate, saying the bill was so wrongheaded that they didn't want to try to amend it.
The bill now goes to the House floor, although it is not expected to be considered by the Senate this year. The Senate does not have a companion bill and given the short amount of time that Congress is expected to be in session for the rest of the year, it would be virtually impossible to move such controversial legislation through the process.
Even if that did occur, it's expected that President Obama would veto it, since Democrats are very vocal about their opposition to the bill.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.