Members of the House Financial Services Committee held a legislative hearing this afternoon to review five proposals to revise the Dodd-Frank Act. The hearing was announced on Monday by U.S. Rep. Scott Garrett, R-N.J., who chairs the Capital Markets Subcommittee.
The bills, proposed by five Republican Congressmen, seek to repeal various parts of Dodd-Frank that have proven unpopular with Republicans and the business community. In the firing line: a requirement that private equity funds to register with the Securities and Exchange Commission; that derivatives trading be reported and processed through a clearinghouse; and a rule that publicly traded companies calculate the median compensation of all employees and compare that to the CEO’s pay. Republicans also want to repeal a liability provision for credit rating agencies and to increase the offering threshold for small companies.
