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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.
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The Filing Cabinet Blog
Republicans Move on Volcker Rule, XBRL
Joe Mont | January 14, 2015
The new Republican majority in Congress launched its first strike against the Dodd-Frank Act last Wednesday, passing a bill that offers banks a semi-reprieve from the Volcker Rule and exempts small companies from filing financial statements tagged in XBRL. The legislation now moves to a Senate vote and is likely to incur a veto by President Barack Obama. Details inside.
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The Filing Cabinet Blog
House Committee Digs Into New Dodd-Frank, CFPB Legislation
Joe Mont | March 25, 2015
The House of Representative’s Committee on Financial Services is moving forward with the latest round of legislative efforts to amend the Dodd-Frank Act, impose new requirements on the Consumer Financial Protection Bureau, and offer regulatory relief to smaller banks and lenders. The first step was a day-long markup of newly filed bills. More inside.
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The Filing Cabinet Blog
House Vote Demands More Transparency from CFPB
Joe Mont | April 16, 2015
The House of Representatives, with a 401-2 vote, has approved legislation that requires the Consumer Financial Protection Bureau to comply with Federal Advisory Committee Act transparency requirements. The Federal Reserve, CIA, and CFPB are among the agencies not covered by the law. More inside.
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The Filing Cabinet Blog
Another Push Afoot to Resurrect Glass-Steagall Act
Joe Mont | July 8, 2015
Sen. Elizabeth Warren (D-Mass.) has once again teamed up with Sen. John McCain (R-Ariz.) and Angus King (I-Maine) to file legislation to restore and modernize the Glass-Steagall Act, separating traditional banks that hold federally insured savings accounts from financial institutions that offer higher-risk services. Details inside.
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The Filing Cabinet Blog
Legislation Seeks Curbs on Regulatory 'Revolving Door'
Joe Mont | July 20, 2015
Newly proposed legislation, the Financial Services Conflict of Interest Act addresses the so-called “revolving door” that results when regulators draw talent from the private sector and those officials and staffers ultimately return to regulated entities after leaving an agency. To address perceived conflicts of interest, the bill would require senior financial service regulators to recuse themselves from actions that benefit employers or clients they worked for two years prior to federal service.
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The Filing Cabinet Blog
Bill Requires Disclosure of Board’s Cyber-Security Expertise
Joe Mont | December 29, 2015
Security experts have long pressured companies to bring cyber-security expertise onto their boards. U.S. Senators Jack Reed (D-R.I.) and Susan Collins (R-Maine) have introduced legislation known as the Cyber-security Disclosure Act of 2015 that could apply even more pressure. If passed, publicly traded companies would be required to disclose to the SEC whether any member of the company’s board of directors is a cyber-security expert.
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The Filing Cabinet Blog
House Passes Regulation-Cutting SCRUB Act
Joe Mont | January 11, 2016
Federal legislation that seeks to eliminate outdated and duplicative regulations was passed in the House of Representatives last week. The Searching for and Cutting Regulations that are Unnecessarily Burdensome (SCRUB) Act, which awaits a Senate vote, would establish a bipartisan commission to review existing federal regulations and identify those that should be repealed in order to reduce unnecessary business burdens.
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The Filing Cabinet Blog
House advances controversial slate of SEC rule changes
Joe Mont | February 16, 2016
A legislative package, recently passed by the House of Representatives, is drawing fire from Democrats and the White House. The bills, bundled as the Capital Markets Improvement Act of 2016, include changes to current SEC rules pertaining to company-issued employee stock, broker-dealer research reports, M&A brokers, and the use of the XBRL interactive data format. It also calls for the SEC to conduct a retrospective review of its rulemaking.
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The Filing Cabinet Blog
Cato Institute paper proposes JOBS Act improvements
Joe Mont | May 5, 2016
On the same day the SEC announced it had completed the remaining workload on JOBS Act mandates, conservative think tank the CATO Institute, in an unrelated effort, offered its thoughts on how the legislation is meeting capital formation goals and ways it could be improved. Joe Mont reports.
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The Filing Cabinet Blog
Flurry of bills and proposals seek regulatory reform
Joe Mont | June 16, 2016
With the arrival of summer, battles over the U.S. regulatory regime are heating up. Earlier his month, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) unveiled a plan “to replace the Dodd-Frank Act.” It is now supplemented by a slate of “economic growth bills” approved by the Financial Services Committee and a Republican platform announced by Speaker of the House Paul Ryan.
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The Filing Cabinet Blog
Senate Democrats want SEC fraud investigations in Puerto Rico
Joe Mont | July 6, 2016
A coalition of top Senate Democrats has asked the SEC “to investigate potential fraud and illegal conduct” that may have contributed to Puerto Rico’s ongoing debt crisis. The group also called on SEC Chair Mary Jo White to “be a cop on the beat of Wall Street.” Joe Mont reports.
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The Filing Cabinet Blog
House votes to defund pay ratio, conflict minerals rule enforcement
Joe Mont | July 8, 2016
The House of Representatives has approved Rep. Bill Huizenga’s (R-Mich.) amendments to a financial services appropriations bill that would defund enforcement of the SEC’s controversial pay ratio and conflict minerals rules, both requirements of the Dodd-Frank Act. Joe Mont provides a closer look.
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The Filing Cabinet Blog
Senators will grill Wells Fargo CEO about illegal accounts
Joe Mont | September 13, 2016
Wells Fargo executives will testify before Congress this week amid revelations that employees opened unauthorized deposit and credit card accounts in their pursuit of sales targets and bonuses. Joe Mont reports.
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The Filing Cabinet Blog
Trump's Treasury pick: 'stripping back Dodd-Frank' is a priority
Joe Mont | November 30, 2016
During an interview with CNBC, Steven Mnuchin and Wilbur Ross, selected, respectively, as Treasury and Commerce secretaries, the two reiterated plans to roll back the Dodd-Frank Act.
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The Filing Cabinet Blog
CEI offers roadmap for congressional deregulation efforts
Joe Mont | December 9, 2016
Add more ammo to the pile for republicans embracing deregulation during the Trump Administration. The Competitive Enterprise Institute is out with a comprehensive list of rule-paring recommendations. Joe Mont has more.
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The Filing Cabinet Blog
House Republicans claim CFPB’s auto lending rule is illegal
Joe Mont | January 20, 2017
As they stockpile ammunition in their efforts to remove CFPB Director Richard Cordray, House Republicans are claiming that recent auto lending rules by the Bureau are illegal. Joe Mont has more.
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The Filing Cabinet Blog
Hensarling to SEC Chair: Don’t let the door hit you ...
Joe Mont | January 20, 2017
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) slammed outgoing SEC Chair Mary Jo White over politically created concerns she expressed in her final speech. Joe Mont has more.
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The Filing Cabinet Blog
Congress targets extractive payments, CFPB, and government conflicts
Joe Mont | February 2, 2017
Democrats and Republicans alike are pushing legislation that could greatly affect regulators and regulations. Among the efforts is a Republican-led effort to kill the SEC’s extractive payments rule, writes Joe Mont.
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The Filing Cabinet Blog
President Trump poised to kill 'blacklisting rule'
Joe Mont | March 8, 2017
President Trump is expected to finalize Congressional action that kills the Obama Administration’s so-called “blacklisting rule” for federal contractors, a requirement that they disclose labor law, civil rights, and wage violations.
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The Filing Cabinet Blog
Senate Banking Committee schedules Clayton hearing
Joe Mont | March 8, 2017
President Donald J. Trump’s pick to serve as SEC chairman, Jay Clayton, will testify before the Senate Banking Committee on March 23, a prelude to confirmation by the full Senate.
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The Filing Cabinet Blog
Democrats seek arbitration release for Wells Fargo customers
Joe Mont | March 8, 2017
Congressional Democrats are supporting legislation that would give victims of fraud by Wells Fargo release from forced arbitration clauses that otherwise prevent them from suing the bank.
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The Filing Cabinet Blog
Bill seeks to enhance public participation in rulemaking
Joe Mont | March 8, 2017
The House of Representatives has passed a bill that seeks greater transparency and objectivity to the process of regulatory rulemaking.
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The Filing Cabinet Blog
Another Goldman Sachs alumni nominated for top Treasury post
Joe Mont | March 15, 2017
With Secretary of the Treasury Steve Mnuchin now in place, the Trump Administration is looking to add another Goldman Sachs executive to a top post at the Treasury Department. James Donovan, a managing director at Goldman Sachs, has been nominated as deputy secretary.
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The Filing Cabinet Blog
Trump initiates sweeping overhaul of government agencies
Joe Mont | March 15, 2017
President Donald J. Trump has unveiled a “comprehensive plan for reorganizing the executive branch,” an overhaul of federal agencies intended to cut federal spending and reduce redundancies.
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The Filing Cabinet Blog
Trump Administration deals another blow to transparency initiative
Joe Mont | March 22, 2017
The Department of the Interior has halted its participation in the Extractive Industries Transparency Initiative, a global anti-corruption effort for the oil, gas, and mining industries.
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