The House of Representatives will try voting again on a rule delaying provisions in Dodd-Frank.
WASHINGTON (MarketWatch) — A committee in the House of Representatives will try to pass a change to the so-called Volcker rule again next week, after encountering resistance from Democrats.
On Wednesday, the House failed to pass a provision as part of Dodd-Frank’s so-called Volcker rule that would have given banks until 2019 to comply with regulation of collateralized loan obligations, a type of security backed by a pool of debt, often commercial loans.
The legislation won a majority of votes but failed to pass because it required a two-thirds majority because of the manner in which it was brought up.
A spokesperson for the House Rules Committee said the committee would hold a hearing on the bill since it failed to pass, saying it would not require two-thirds vote once it goes through committee.
“Once we do a rule for it then we need a simple majority,” a House Rules Committee spokesperson said, adding that it was likely a priority for leadership since it was voted on in the second day of the new session.
The office of Speaker John Boehner or House Majority Leader Kevin McCarthy could not be reached for immediate comment.
The bill will still have to pass the Senate, and the White House opposed the bill when it was first being debated.