The House Financial Services Subcommittee on Capital Markets, Securities and Investment considered testimony on the impact of the Volcker Rule on the U.S. capital markets.
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The House of Representatives passed legislation to replace the Dodd-Frank Act mandate that bank holding companies with over $50 billion in assets are automatically subject to enhanced supervision.
Treasury Secretary Jacob Lew testified that "the financial system [is] safer, more resilient, and supportive of long-term economic growth" as a result of the creation of the Financial Stability Oversight Council.
Senate Banking Committee members questioned the CEO of Wells Fargo, and examined the regulatory response to the bank's opening of unauthorized accounts.
The House Financial Services Committee launched an investigation into the alleged opening of unauthorized accounts by a major financial institution. The Committee will review the roles of the CFPB and the OCC in overseeing this conduct.