Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

Something must be afoot inside the Beltway, because Sen. Sherrod Brown (D-OH) and Rep. Maxine Waters (D-CA) sent a letter to Senate and House leaders stating they will oppose ideological policy riders to year-end funding legislation aimed at rolling back protections of the Dodd-Frank Wall Street Reform law. The letter stated in part as follows:

“Specially, Congress must not include in end-of-year funding legislation any riders designed to repeal, undermine, or delay any provisions of Wall Street reform, including those targeted at the Consumer Financial Protection Bureau and the Financial Stability Oversight Council, altering the bankruptcy code for financial institutions, changing our housing finance system, preventing the Securities and Exchange Commission from moving forward with rulemaking to require disclosure of political campaign spending, or other similar roll-backs.”

The foregoing quote looks like a thinly veiled reference to the Financial Choice Act, often touted as a vehicle to replace the Dodd-Frank Act.