Senate passes financial reform corrections bill with securities provisions

By Mark S. Nelson, J.D. The Senate passed a bill that would reduce the regulatory burdens imposed by the Dodd-Frank Act on community banks but that also would address numerous securities issues, such as the definition of “covered securities.” The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), sponsored by Senate Banking Committee Chairman Mike Crapo (R-Idaho), also contains provisions dealing with algorithmic trading in securities markets, the financial exploitation of seniors, cybersecurity, and hedge fund names. Although senators submitted more than 150 amendments, the only substantive amendment came in the form of a manager’s amendment (S. Amdt. 2151) consisting of a substitute version of the bill that added banking and consumer provisions and which was adopted 67-31, while the final version of the bill passed by the same margin. Democrats split over financial rules. During the nearly week-long debate after the Senate voted to…

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