Dems thwart changes to Wall Street reform law
House Democrats on Wednesday thwarted a package of legislation that would have made changes to the 2010 Wall Street reform law.
The measure — one of the first to be considered in the new Congress — was brought up under a fast-track procedure typically considered for noncontroversial legislation that requires a two-thirds majority to pass. But Democratic opposition led to its defeat, by a vote of 276-146.
The package was comprised of 11 bills that were previously considered in the last Congress. It included provisions to delay for two years a portion of Dodd-Frank's so-called Volcker Rule, which prevents banks that make loans and deposits from engaging in speculative activity.
Other parts of the bill were less controversial, such as provisions to allow the Securities and Exchange Commission to establish a pilot program to allow certain companies to increase the minimum price variation at which securities can be quoted.
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http://thehill.com/blogs/floor-action/house/228835-house-dems-derail-bill-to-change-dodd-frank-law
