Oct. 14 (Bloomberg) -- Republicans on the U.S. House Financial Services Committee urged a congressional supercommittee to consider overhauling the Dodd-Frank Act as part of an effort to reduce the federal budget deficit.
“Some 15 months after Dodd-Frank was enacted, many small businesses are starved for customers and credit; unemployment has soared to more than 9 percent; and for far too many American families, economic security seems further away than ever,” Representative Spencer Bachus, the Alabama Republican who leads the Financial Services panel, wrote in an 11-page letter to Representative Jeb Hensarling and Senator Patty Murray, the co- chairmen of the Joint Select Committee on Deficit Reduction.
Attached to the letter is an inventory of 24 measures aimed at reshaping, and in some cases repealing, large swaths of Dodd-Frank, the financial-regulation overhaul enacted last year. The measures include changes to the structure and funding of the Consumer Financial Protection Bureau, an expansion of exemptions from new derivatives regulations and repeals of the Office of Financial Research and requirements that private-equity firms register with the Securities and Exchange Commission.
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