The financial industry came up empty-handed in the massive government funding package unveiled early Wednesday morning.
After pushing for a host of policy riders, including provisions to rework portions of the Dodd-Frank financial reform law and delay a contentious rule on investment advisers, Wall Street had nothing to show for it in the final 2,000-page bill.
To add insult to injury, the banking industry was also unable to roll back a recent policy change that cut billions of dollars banks had received from the Federal Reserve for more than a century. That policy tweak was included in recent highway bill to help cover the costs for the overall legislation.
“Failing to pass needed regulatory relief while forcing banks to pay for roads and bridges is unconscionable and comes with very real costs for both hometown banks and the broader economy,” said Rob Nichols, the incoming president and CEO of the American Bankers Association.
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