The House voted Friday to allow community banks to escape one of the biggest regulations imposed by the 2010 Dodd-Frank law.
Republicans joined with 78 Democrats to pass a bill sponsored by Rep. French Hill, R-Ark., to revise the “Volcker Rule,” the regulation that restricts banks’ ability to speculate in the market with deposits insured by the federal government. The rule is meant to prevent banks from making risky bets that are effectively backstopped by taxpayers.
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