House Dems Defeat GOP Dodd-Frank Rollback Efforts

Other more controversial provisions, however, such as an additional two-year delay of a portion of Dodd-Frank's Volcker Rule (which prohibits deposit-taking, loan-making banks from engaging in speculative activity), necessitated further deliberation, she said. "As such, members should be afforded the opportunity to offer amendments and have a full and fair debate on these bills," Waters said.

Waters noted Republicans' victory last month of inserting language into the CRominbus spending bill to roll back a portion of Dodd-Frank known as the "swaps push-out" provision. "This is a strategy pushed by Republicans to move controversial, deregulatory bills by packaging them with more reasonable legislation," Waters said.

The Volcker Rule delay that was included in the package would have been particularly harmful, Waters said, giving "megabanks another two years to sell off collateralized loan obligations, which directly benefits big Wall Street banks like Citigroup and JPMorgan."

This particular proposal, she noted, which was only released publicly yesterday, "comes on top of a recently announced two-year delay by the Fed."

— Check out Lawmakers Push Vote on Spending Bill; SEC Funding Boosted on ThinkAdvisor.