Chairman Shelby (R-AL) convened the unsurprisingly partisan mark-up of his revised draft bill (see Client Report REFORM112), strongly defending it against allegations that the measure unduly favors the largest U.S. banks. Emphasizing this is just a first step, the chairman, Sen. Corker (R-TN), and other Republicans throughout the mark-up noted areas where they believe there is strong bipartisan agreement. Ranking Member Brown (D-OH) did not dispute this, but he took very strong exception to much in the Shelby draft, calling it at one a point a “wish list” for the industry that would make the financial system weaker than it was in 2007. Ultimately, the Shelby bill was approved on a totally partisan vote of 12-10.
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