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Major Banking Group Sides with Senate in Dodd-Frank Overhaul - ABI

Leading banking groups yesterday called on House leaders to accept Senate-passed legislation easing financial rules adopted after the 2008 economic crisis, the Associated Press reported. Each chamber has already passed its own legislation on scaling back Dodd-Frank, but lawmakers disagree on how to move forward and pass a final version this year. The bank groups weighing in yesterday would seemingly give senators more leverage in the negotiations. In a letter to House Speaker Paul Ryan and Minority Leader Nancy Pelosi, the American Bankers Association said that it supports the desire among House Republicans to do more than what was passed in the Senate, but it believes the Senate bill will "make a very real difference to community banks across the country." The group called on the House to "move on" the Senate bill quickly and take up other House proposals later. State banking associations made a similar plea, calling on the House "to immediately take up and pass" the Senate bill.

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