News & Press: Newswire

Major Changes Proposed for Dodd-Frank law

Tuesday, April 12, 2016   (0 Comments)
Posted by: Sharon Edmondson
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The House is expected to vote on proposals that would make big changes to the 2010 Dodd-Frank law.

The House Financial Services Committee will consider a proposal that would repeal powers that the law gives the government to unwind a failing financial institution outside of bankruptcy, a process known as orderly liquidation authority. The committee is also expected to vote to place the Federal Reserve-funded Consumer Financial Protection Bureau under the control of appropriators in Congress.

The committee has not publicly announced that it would vote on the measures but it did announce today that it would spend Wednesday considering "cost-saving measures" as part of the House Republican 2017 budget.

The committee on Thursday is expected to continue a deposition of CFPB assistant director Patrice Ficklin, who is at the center of a Republican investigation into whether the agency distributed money from an Ally Financial settlement without verifying that it went to the right people. The committee has not publicly announced the deposition.

A number of the committee's bills will be on the House floor next week, including one (HR 3340) that would place the Financial Stability Oversight Council and the Office of Financial Research under the appropriations process and another (HR 3791) that would allow small banks to take on more debt for mergers with other banks.


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