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Republicans Move on Volcker Rule, XBRL

Joe Mont | January 14, 2015

The new Republican majority in Congress made its first successful strike against the Dodd-Frank Act on Wednesday: the House of Representatives passed a bill that would offer banks a semi-reprieve from certain requirements of the Volcker Rule and let smaller companies bypass requirements to file financial statements tagged in XBRL.

The Promoting Job Creation and Reducing Small Business Burdens Act is a collection of separate bills authored by various legislators to offer “technical corrections” to the Dodd-Frank Act. Several of the initiatives had bipartisan authorship and support.

Included in the legislative package:

The Disclosure Modernization and Simplification Act directs the Securities and Exchange Commission to simplify its disclosure regime for issuers and help investors more easily navigate public company disclosures. It would permit issuers to submit a summary page and...

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