Politics

Banking Committee Passes Financial Reform Bill on Party-Line Vote

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The Senate Banking Committee approved Monday, March 22 the financial services overhaul bill by a vote of 13-10 (13 Democrats and 10 Republicans). An expected week-long mark-up schedule was cut short when Republican committee members decided over the prior weekend against submitting any amendments to Senate Banking Committee Chairman Christopher Dodd’s bill.

Senator Herb Kohl’s (D-Wisconsin) amendment to the financial services reform bill that would create an independent oversight board to regulate financial planners was not introduced as a separate amendment during mark-up of the bill on March 22. Rather, a manager’s amendment to the bill included a provision calling for a GAO study of the issue.

Full story: Banking Committee Passes Financial Reform Bill on Party-Line Vote