The TanMan, Weeper of the House John Boehner, must have been feeling his oats after being reelected Speaker. He was cocky and used a procedural rule for the GOP’s attempt to delay the “Volcker Rule” under Dodd-Frank regulations on financial services, requiring a two-thirds majority to pass. Oops! It blew up in his face.
From Bloomberg, Republicans Lose House Vote on Bill Easing Dodd-Frank:
On the second day of Congress’s new session, U.S. House Republicans lost a bid to quickly pass legislation to relax some requirements under the 2010 Dodd-Frank financial regulatory law.
The measure would delay until July 2019 a provision of the law’s Volcker Rule intended to limit risky investments by banks, and make other changes.
The package was defeated because Republican leaders used a voting procedure usually reserved for non-controversial measures, requiring two-thirds support for passage.
Minority Leader Nancy Pelosi urged Democrats not to support the measure, which failed on a 276-146 vote with 282 needed. She called the legislation “an 11-bill Wall Street wish list” in an e-mailed statement. After the vote, she said in a statement that she “was proud Democrats had stood together to protect critical Wall Street reforms.” [35 Democrats did not.]