House Republicans Push Repeal of Dodd-Frank Resolution Power
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A U.S. House panel will consider a repeal of the power established by the Dodd-Frank Act to seize and wind-down systemically risky financial firms, a move that will draw opposition from House and Senate Democrats who have made a point of protecting the law enacted in 2010.
Representative Spencer Bachus, chairman of the Financial Services Committee, has included the repeal in a measure aimed at finding nearly $30 billion in spending cuts. Committees in the Republican-controlled House are drawing up plans to cut $261 billion from the federal budget in an effort to avoid automatic reductions to the Department of Defense starting in January.