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Senate Rejects Consumer Amendment to Overhaul Bill

Senate Rejects Consumer Amendment to Overhaul Bill 07 May 2010 The U.S. Senate yesterday rejected two significant changes to its financial-overhaul bill, voting down restrictions on a proposed consumer-protection bureau and a plan that would have forced the largest banks to shrink in size... Senate Banking Committee Chairman Christopher Dodd’s bill includes a new consumer-protection bureau at the Federal Reserve with authority to enforce rules at banks with more than $10 billion in assets. An amendment offered by Senator Richard Shelby, the banking panel’s top Republican, would have put the office at the Federal Deposit Insurance Corp. and maintained existing bank regulators’ power to police credit-card and mortgage lending abuses. It failed yesterday in a 61-38 vote.