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Senate Banking Committee reports FIRM Act after debate over reputational risk, rejects SAFER Banking language
Summary
The Banking Committee voted to report the FIRM Act (S.875) to the Senate after debating limits on regulators' use of reputational risk; several amendments to clarify exceptions and reporting failed and the managers' text was ordered reported.
The Senate Banking Committee voted to report S.875, the FIRM Act, to the full Senate after debating whether and when federal banking regulators may consider "reputational risk" in supervision decisions.
The panel approved the managers' package and then, after considering several amendments, voted to order the FIRM Act reported to the Senate. The committee clerk announced the final tally as 13 in favor and 11 opposed.
Senator Rounds, speaking in support of language included in the managers' amendment, said the Taylor Act provisions require regulators to "consider individual financial…
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