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US House to vote on Dodd-Frank reform package May 22

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US House to vote on Dodd-Frank reform package May 22

The U.S. House of Representatives will vote to pare back the postcrisis Dodd-Frank financial regulatory framework on May 22, a House aide confirmed May 15.

Earlier in the month, House Speaker Paul Ryan, R-Wis., said there was an agreement for the House to pass a reform package cleared by the Senate in March. House Republicans pledged to appease moderate Senate Democrats that supported the Dodd-Frank revisions by passing the Senate bill as-is, but only if Senate Majority Leader Mitch McConnell, R-Ky., committed his chamber to work on a separate package of further Dodd-Frank reform.

By conceding to vote on the Senate bill without any amendments, the House is also caving in to pressure from the bank lobby to pass the bill sooner rather than later, fearing that unanticipated political events could distract policymakers from following through on regulatory reform.

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The White House has already stated it would sign the Senate bill if it is sent to President Donald Trump's desk.