Quantcast
Connect with us

House Republican bill diluting financial reforms fails to pass

Published

on

Members of the House of Representatives enter the US Capitol on Sept. 30, 2013 in Washington, DC [AFP]

Republicans in the U.S. House of Representatives failed on Wednesday to round up enough votes for a bill scaling back various financial reforms, a surprising defeat in an area conservatives hoped to prioritize this year.

Republican Party leaders brought forward numerous bills to revamp financial reforms under President Barack Obama’s Democratic administration and hoped to make more dramatic changes after taking control of both houses of the U.S. Congress in last November’s congressional elections.

ADVERTISEMENT

Before the vote on Wednesday, Democrats slammed the bill as a Republican effort to chip away at the 2010 Dodd-Frank financial law, including one provision that would have given banks extra time to comply with part of the Volcker rule.

Supporters fell six votes short of what was needed to send the legislation to the U.S. Senate. The proposal was among the first votes House lawmakers took after returning to Washington this week.

“We’re tired of really bad Wall Street giveaways being tacked onto other legislation,” Representative Jan Schakowsky, a Democrat from Illinois, said on the House floor before the vote.

Some Democrats also were unhappy that the bill contained complex provisions that went straight to the floor without the ability to offer changes first.

A House Democratic aide said Minority Leader Nancy Pelosi urged her members not to support the bill even after voting had begun.

ADVERTISEMENT

Republicans said the bill would help small businesses raise capital by loosening disclosure rules and making other changes related to the 2012 Jumpstart Our Business Startups (JOBS Act).

The most controversial aspect of the proposal was the section related to the Volcker rule, which bans banks from making risky trades with their own money and prohibits certain investments in financial products.

Republicans sought to give banks more time to exit positions in collateralized loan obligations, or CLOs, which are essentially bundles of business loans. Banks had complained that they would have to quickly abandon those investments.

ADVERTISEMENT

“If this situation is not addressed, the legacy CLO market will be seriously harmed by a fundamentally unnecessary sale of assets into the secondary market,” Andy Blocker of the Securities Industry and Financial Markets Association said in a letter to lawmakers on Wednesday.

The measure also drew criticism because it would have exempted about 60 percent of public companies from filing financial statements in a machine-readable format called “XBRL” that is used by U.S. regulators and investors.

ADVERTISEMENT

(Reporting by Emily Stephenson and Sarah N. Lynch; Editing by Caren Bohan and Grant McCool)


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Evangelicals don’t care about endangered GOP senators as long as they get their Ginsburg replacement: report

Published

on

In a candid interview with the New York Times, the leader of a Christian-based anti-choice group admitted that she didn't care if some GOP lawmakers on the November ballot go down to defeat for supporting whomever Donald Trump, picks to fill the Supreme Court seat that belonged to the late Ruth Bader Ginsburg.

With Senate Republicans led by Majority Leader Mitch McConnell (R-KY) determined to ram through an appointment before they possibly lose control of the chamber, some GOP lawmakers are looking at a vote for the replacement as a possible last act in office.

Continue Reading

2020 Election

Republicans’ rush to replace Ginsburg is why they all need to be driven from office: columnist

Published

on

In a column for the Washington Post, Karen Tumulty pointed out that Senate Republicans' insistence on snapping up the seat of the late Supreme Court Justice Ruth Bader Ginsburg before the election -- after blocking Merrick Garland in 2016 -- is one more reason why they GOP must lose control of the Senate.

With Republican lawmakers fanning out on Sunday defending their hypocrisy on presidential election-year votes on high court nominees, Tumulty wasn't having it and called some of them out by name.

Continue Reading
 

2020 Election

WATCH: Trump supporters yell ‘white power’ as 2020 convoy speeds through college town

Published

on

Supporters of President Donald Trump were caught on video over the weekend shouting "white power" as they participated in a convoy to bolster the Republican ticket.

The incident was said to have occurred in Elon, a small college town in North Carolina.

According to the Triad City Beat, the convoy was organized by conservative activist Gary Williamson, who coordinated with the local Young Republicans chapter.

Watch the video below.

Video clip shows supporters in a Trump convoy passing through Elon, NC shouting "White power!" two separate times. ACTBAC founder Gary Williamson organized the convoy, which coordinated w/ a Alamance County Young Republicans event #Election2020 #ncpol pic.twitter.com/VQo8Hmgkc0

Continue Reading
 
 
You need honest news coverage.  Help us deliver it.  Join Raw Story Investigates for $1. Go ad-free. LEARN MORE