Politics

Bankers 'disappointed' that financial riders not in omnibus bill

Major regulatory relief provisions sought by the financial industry were not included in the omnibus spending bill introduced in the late hours Tuesday night.

Liberal Democrats had rallied for months to stop such riders, which banks and other financial businesses wanted to pass over their objections by tying them with must-pass spending legislation.

"We're profoundly disappointed that lawmakers were unable to enact common-sense reforms in this session of Congress that would help America's hometown banks better serve their clients, customers and communities and make the loans that drive our economy forward," incoming American Bankers Association president Rob Nichols said in a statement Wednesday morning.

Banks had been seeking a number of changes to the 2010 Dodd-Frank financial reform law in the bill. They had also just recently been handed a loss in a highway funding bill that raised money for roads and bridges by cutting the dividend paid by the Federal Reserve to its members banks.

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