House Committee Advances Bill Gutting Dodd-Frank Reforms

Law360, New York (April 18, 2012, 7:13 PM EDT) -- The Republican-controlled House Financial Services Committee on Wednesday approved a bill that targets several key areas of President Barack Obama's economic agenda, including eliminating the Dodd-Frank Wall Street Reform and Consumer Protection Act's provisions for winding down failed major financial institutions.

The bill, which committee Republicans claim would shave $35 billion off the federal deficit, would also make the Consumer Financial Protection Bureau subject to the congressional appropriations process. However, there is little chance the Democratically controlled Senate will take up the bill, even if it...
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