A wave of objection rolled through Congress just before the year-end holidays, as legislators considered carving back the Dodd-Frank provision known as the “swaps push-out rule,” which was designed to move a broad range of swaps out of insured depository institutions. Also known as the Lincoln Amendment, these rules were roundly criticized by the financial services industry and intense pressure was placed on Congress to reduce their scope. Because the legislative changes to the rule were wrapped up with a red bow (in the form of $1 trillion federal spending bill), they were passed and signed into law despite the strong objections of many legislators. But the fight to cut back various provisions of Dodd-Frank - supported by the right, opposed by the left - has echoed ever since and will likely echo for months to come.
Banking & Financial Services
Reconsidering Three Dodd-Frank Initiatives: The Volcker Rule, Limitations on Federal Reserve Section 13(3) Lending Powers, and SIFI Thresholds