House passes Dodd-Frank rollback

|By:, SA News Editor

The U.S. House votes mostly along party lines to pass a major rollback of Dodd-Frank regulations, but the legislation is certain to be substantially rewritten in the Senate.

The House bill would unwind major parts of Dodd-Frank by relieving healthy banks of some regulatory requirements and forcing failing firms through bankruptcy rather than a liquidation process spearheaded by the regulators.

The bill as written is a virtual nonstarter in the Senate, with opposition to most aspects from Democrats and some Republicans, and serves more as a "symbolic victory" for Republicans, says Brown Brothers Harriman's Sean Tuffy.

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