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Dodd-Frank reforms prevail in House; now what?

Joe Mont | June 13, 2017

While most of the country was riveted to the testimony of former FBI Director James Comey’s testimony before the Senate Intelligence Committee last week, members of the House of Representatives were buckled in for several hours of similarly divisive deliberations.

When it was all over, in the early evening of June 8, the Financial CHOICE Act earned a majority vote in the House of Representatives. The nearly 600-page bill passed with a party-line vote of 233 to 186. It now moves into the far greater challenge of passage in the Senate.

The House vote comes before a Treasury Department report due in the coming days that will detail the Trump administration’s plans for easing financial regulations. A lighter regulatory touch is already expected as a result of the administration’s appointments of banking industry veterans to serve as financial regulators.

Two big questions now emerge: (1) can the bill get past the Senate, even in a revised form; and (2) what are the...

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