The House is scheduled to vote on two bills this week that would undercut new Dodd-Frank Act financial regulations, the New York Times DealBook blog reported today. The legislation has garnered broad bipartisan support in the House, even after lawmakers learned that Citigroup lobbyists helped write one of the bills, which would exempt a wide array of derivatives trading from new regulation. The bills are part of a broader campaign in the House among Republicans and business-friendly Democrats to roll back elements of the 2010 Dodd-Frank Act, the most comprehensive regulatory overhaul since the Depression. Of 10 recent bills that alter Dodd-Frank or other financial regulation, six have passed the House this year. This week, if the House approves Citigroup’s legislation and another bill that would delay heightened standards for firms that offer investment advice to retirees, the tally would rise to eight. Both the Treasury Department and consumer groups have urged lawmakers to reject the bills, warning that they could leave the nation vulnerable again to excessive financial risk taking. The House proposals stand little chance of becoming law, having received a much chillier reception in the Senate and at the White House, which on Monday threatened to veto the bill on investment advice for retirees.
http://dealbook.nytimes.com/2013/10/28/house-set-to-vote-on-2-bills-is-…
In related news, the House Financial Services Financial Institutions and Consumer Credit Subcommittee will hold a hearing today at 3 p.m. entitled “Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau.” For more information, including the witness list, please click here.