HR 3128 approved by House committee

HR 3128 was approved by the House Financial Services Committee on May 31 to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill adjusts the date on which consolidated assets are determined for purposes of exempting certain instruments of smaller institutions from capital deductions.

The bill was first introduced in the House of Representatives on Oct. 6, 2011. The legislation amends Section 171 (b) (4) (C) of the Dodd-Frank Act by inserting “or March 31, 2012,” after “Dec. 31, 2009.”

The House Financial Service Committee approved HR 3128 by a vote of 35 to 15.