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House passes bill revising Dodd-Frank rules on capital to help insurance companies

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The U.S. House of Representatives on Wednesday approved a bill giving big insurance companies such as American International Group Inc and Prudential Financial Inc relief from part of the 2010 Dodd-Frank oversight law.

Lawmakers agreed to give the U.S. Federal Reserve more authority to tailor the capital requirements it places on big insurers. The U.S. Senate approved the change in June, and it now goes to President Barack Obama for his signature.

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“The Fed now has the opportunity to write rules that will preserve competition and ensure affordable access to financial security,” MetLife Inc Chief Executive Officer Steven Kandarian said in a statement.

Global regulators want banks to rely less on debt and more on shareholder equity in an effort to make them more stable after the 2007-2009 financial crisis.

Dodd-Frank applied the same strict standard to big insurers and other non-bank companies that regulators believe are risky enough that their failure could threaten markets.

Insurers, however, said their business models were too different from banks’ to justify identical capital rules. They said insurers hold different assets than banks do and are not subject to runs on their businesses in crises.

Lawmakers, including Republican Senator Susan Collins, who wrote the relevant section of Dodd-Frank, and many regulators supported changing the law to give the Fed flexibility to write rules specifically aimed at insurers.

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The House passed legislation in September making that adjustment, but it also included other changes to Dodd-Frank that the Democrat-controlled Senate would not accept. On Wednesday, the House approved the Senate version.

(Reporting by Emily Stephenson; Editing by Lisa Shumaker)


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Thousands in Paris protest racial injustice as George Floyd killing resonates beyond US

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Riot police fired tear gas Tuesday as scattered protesters in Paris pelted them with debris and set fires during an unauthorized demonstration against racial injustice and heavy-handed police tactics.

Several thousand people had previously rallied peacefully for two hours at the main Paris courthouse as global outrage over what happened to George Floyd in the United States kindled frustrations across borders and continents. The protesters also paid tribute to Adama Traoré, a French black man who died in police custody.

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DC’s football team blasted for tweet against racism: ‘They’re called the Washington PR Stunts now’

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In a startling moment of tone-deaf responses, the Washington Redskins took part in the #BlackOutTuesday posts, where many showed solidarity with the Black Lives Matter protesters marching to stop police brutality of people of color. Given the racist history of Redskins owner Dan Snyder and the protests over the team's name, some are calling it another example of failed PR stunts.

https://twitter.com/Redskins/status/1267918269798850563

"Teams with racial slurs for names should really sit out racism protests," explained user Dennis Perkins.

Teams with racial slurs for names should really sit out racism protests.

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‘Egregious violation of his oath’: Former inspector general calls on Congress to impeach Bill Barr for attacking peaceful protesters

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On Tuesday, former Justice Department Inspector General Michael Bromwich urged the House of Representatives to begin impeachment proceedings into Attorney General William Barr, accusing him of an "egregious violation of his oath."

Bromwich's remark came in response to reports that Barr personally ordered authorities to forcibly clear peaceful protesters out of the area around the White House, using gas and rubber bullets, before President Donald Trump walked to the nearby church.

The House should immediately initiate proceedings in re The Impeachment of Attorney General William Barr. This is simply the most recent egregious violation of his oath to protect and defend the Constitution. https://t.co/cwsgoupSLp

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