U.S. House fails to pass Republican bill diluting Dodd-Frank reforms

[inanna]

18. Good Guardian write up about this:

House Democrats swiftly kill a quiet Republican plot to protect Wall Street

Yesterday, Congressional Republicans tried to pull a fast one.

Just hours after being sworn in for the 114th Congress, House Republicans introduced a bill with an Orwellian title --“The Promoting Job Creation and Reducing Small Business Burdens Act,” – complete with its own social media campaign under the (as it turns out, ironic) hashtag “#FreeMainSt.”

The legislation was a melange of 11 bills – all meant to weaken regulation of banks and the financial industry – that were written in the last session of Congress and never went anywhere. The new Frankenbill of loose ends was wrapped into a neat package and presented to a new Congress without debate.

House leaders put this hastily arranged bill, H.R. 37, onto the floor on one day’s notice, without going through the Financial Services Committee or giving members the opportunity for amendment. They wanted a quick, quiet passage on the second day of the session, teeing it up for the new Republican majority in the Senate to tackle.

Link: http://www.theguardian.com/business/2015/jan/08/house-democrats-swiftly-kill-a-quiet-republican-plot-to-protect-wall-street