House Financial Services Committee Sets Agenda for the Year Ahead As Senate Banking Committee Largely Silent
Following the recent House Financial Services Committee retreat, we expect financial services lawmakers – at least in the House – to begin moving forward with their 2016 policy agenda. Among their priorities for this year (many of which are priorities from last year that were not finalized): (1) limiting the Financial Stability Oversight Council’s (FSOC) authority to designate financial institutions as systemically important; (2) repealing the Volcker Rule, which placed limits on the types of investments banks can make; (3) changing the Consumer Financial Protection Bureau’s (CFPB) single Director structure to a bipartisan commission that is subject to the appropriations process; and (4) repealing Dodd-Frank’s orderly liquidation authority. Additionally, there remains a possibility that Chairman Jeb Hensarling (R-TX) may actually introduce a Dodd-Frank alternative, which would, among other things, potentially remove Dodd-Frank requirements for those financial institutions maintaining higher capital levels.
On the Senate Banking Committee, there has been relatively little activity since last fall, as Chairman Richard Shelby (R-AL) remains focused on his reelection bid. Though there is a subcommittee hearing on market structure issues scheduled for next month, there are no plans – at least publicly – to move forward with any financial services reform issues or the myriad of nominees presently pending before the Committee.– See more at: http://www.natlawreview.com/article/financial-services-lawmakers-set-agenda-2016-and-look-solution-to-puerto-rico-s-debt#sthash.drU19Tfb.dpuf