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On Sept. 14, the U.S. House of Representatives passed a bill (H.R. 3354) along a party-line vote that would (i) repeal the Volcker Rule, the fiduciary rule adopted by the Department of Labor ...
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On Sept. 14, the U.S. House of Representatives passed a bill
(H.R. 3354) along a party-line vote that would (i) repeal the
Volcker Rule, the fiduciary rule adopted by the Department of Labor
requiring broker-dealers giving certain retirement advice to be
legally bound to act in the best interests of their clients, and
the conflict minerals rule mandated by the Dodd-Frank Act,
requiring companies to disclose their use of conflict minerals from
the Democratic Republic of Congo and surrounding countries and,
(ii) subject the annual funding of the Consumer Financial
Protection Bureau (CFPB) to the appropriations process in Congress,
retract the enforcement authority of the CFPB with respect to
"unfair, deceptive, and abusive practices," and terminate
its ability to regulate payday lending and arbitration
practices.
To date, the Senate has not acted on H.R. 3354.
Originally published September 26, 2017
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