- Thu Jan 08, 2015 2:58 pm
#52024
WASHINGTON—A push by House Republicans to roll back a series of Wall Street regulations failed to advance Wednesday amid resistance from Democrats, an unexpected setback for the GOP’s efforts to use its increased majority to ease financial rules.
Republicans were six votes short of the two-thirds support needed to advance the legislation, which included a controversial delay to a provision stemming from the 2010 Dodd-Frank requirement that banks sell stakes in certain complex securities. The bill failed by a vote of 276-146.
The bill needed “yes” votes from two-thirds of lawmakers under a fast-track process in which the normal rules are suspended. Leaders typically use the so-called suspension process for noncontroversial bills they are confident will pass.
Democrats’ rejection of the bill reflected pent-up frustration over last month’s successful effort to roll back separate provisions of the Dodd-Frank law as part of a must-pass federal spending bill. House Minority Leader Nancy Pelosi (D., Calif.) said Republicans’ “Wall Street giveaways introduced in the dead of night are no way to govern.”
House Rules Committee Chairman Pete Sessions (R., Texas) said he expected Republicans would “do something” to bring the bill up again so it would pass. He said he hadn’t made the decision to bring the bill up on the floor under a suspension of the rules. “We disagree with all of Dodd-Frank,” Mr. Sessions said.
Republicans were six votes short of the two-thirds support needed to advance the legislation, which included a controversial delay to a provision stemming from the 2010 Dodd-Frank requirement that banks sell stakes in certain complex securities. The bill failed by a vote of 276-146.
The bill needed “yes” votes from two-thirds of lawmakers under a fast-track process in which the normal rules are suspended. Leaders typically use the so-called suspension process for noncontroversial bills they are confident will pass.
Democrats’ rejection of the bill reflected pent-up frustration over last month’s successful effort to roll back separate provisions of the Dodd-Frank law as part of a must-pass federal spending bill. House Minority Leader Nancy Pelosi (D., Calif.) said Republicans’ “Wall Street giveaways introduced in the dead of night are no way to govern.”
House Rules Committee Chairman Pete Sessions (R., Texas) said he expected Republicans would “do something” to bring the bill up again so it would pass. He said he hadn’t made the decision to bring the bill up on the floor under a suspension of the rules. “We disagree with all of Dodd-Frank,” Mr. Sessions said.
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