Changes to Dodd-Frank in the works
The House on Tuesday rejected legislation altering a key provision of the 2010 Dodd-Frank overhaul of financial services regulations that would give banks two more years — to 2019 — to ensure that their holdings of certain complex and risky securities don’t put them afoul of a new banking regulation.
The measure won a 276-146 majority but failed under fast-track House rules that required a two-thirds vote. It’s likely to pass soon under rules that require a simple majority.
The Obama administration threatened a veto.
In other developments:
• The House passed long-sought legislation to renew the federal program that props up the private market for insurance against terrorist attacks.
• Republicans plan to vote next week on legislation to block Obama’s executive actions on immigration.
• The House on Thursday is expected to approve a bill that would increase the number of hours an employee has to work before the employer must offer health insurance under Obama-care. The White House plans to veto the bill. — AP