WASHINGTON – The House has rejected legislation altering a key provision of the 2010 overhaul of financial services regulations. The bill would have given U.S. banks until 2019 to ensure that their holdings of certain complex and risky securities don't put them afoul of a new banking rule.
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The measure won a 276-146 majority but failed under fast-track House rules that required a two-thirds vote. It's likely to pass soon under rules that require a simple majority.
At issue is the so-called Volcker rule, which would limit banks' riskiest trades that could implode at taxpayers' expense. That kind of risk-taking on Wall Street helped trigger the 2008 financial crisis.