On the second day of Congress’s new session, U.S. House Republicans lost a bid to quickly pass legislation to relax some requirements under the 2010 Dodd-Frank financial regulatory law, Bloomberg News reported today. The measure would have delayed until July 2019 a provision of the law’s Volcker Rule intended to limit risky investments by banks, and make other changes. The package was defeated because Republican leaders used a voting procedure usually reserved for non-controversial measures, requiring two-thirds support for passage. Minority Leader Nancy Pelosi urged Democrats not to support the measure, which failed on a 273-146 vote with 289 needed. Yesterday’s vote margin would be enough to pass the measure under a non-expedited procedure requiring a simple majority. Leaders plan to bring back the bill for such a vote, said a Republican leadership aide who sought anonymity.
