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House Votes to Exempt Some Banks from One of the Biggest Dodd-Frank Rules - ABI

The House voted on Friday to allow community banks to escape one of the biggest regulations imposed by the 2010 Dodd-Frank law, the Washington Examiner reported. Republicans joined with 78 Democrats to pass a bill sponsored by Rep. French Hill (R-Ark.) to revise the “Volcker Rule,” the regulation that restricts banks’ ability to speculate in the market with deposits insured by the federal government. The rule is meant to prevent banks from making risky bets that are effectively backstopped by taxpayers. The bill, which passed 300-104 just before lawmakers left for the weekend, is one of several bipartisan measures the House passed this week that would alter the Dodd-Frank law. Republican leaders in the House have said they hope for negotiations with the Senate to attach some House-passed bills to package of regulatory reforms that the upper chamber cleared last month with 17 Democratic votes. Senators so far have resisted including bills advanced in the House, and argue that their package of relief measures for community and regional banks is carefully negotiated and would be upset by involving House negotiators.

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