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Wall St. Wins a Round in a Dodd-Frank Fight 

December 15, 2014
Peter Eavis, Dealbook

When Wall Street traders sense opportunity in the markets they pursue it with a sharklike intensity.

After scoring a victory in Washington that repeals a rule that the industry has long assailed, the large banks are most likely weighing where to strike next.

Wall Street won when the House of Representatives on Thursday passed a broad spending bill that contained a provision that rolls back a rule affecting derivatives, the financial product that helped cause the financial crisis of 2008. The Senate is expected to pass the budget legislation containing the repeal this weekend.

A repeal would show that, six years after the financial crisis, large banks have found a way to kill off regulations that were part of the Dodd-Frank Act, the sweeping legislation that Congress passed in 2010 to overhaul the financial system.

The House’s vote seemed to reverberate around Washington on Friday.

Read more: Dealbook

 
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