This week the House is expected to approve a measure amending sections of the Dodd Frank financial overhaul. Under the legislation, U.S. banks would be given two extra years until 2019 to ensure their holdings of certain complex and risky securities don’t’ put them out of compliance with the new banking rule. South Dakota Farmers Union President Doug Sombke who’s opposed to the measure easing Dodd Frank says the Banking lobby has a huge influence on the new Congress.
Sombke says it’s important citizens weigh in on this issue as the effects of passing the bill easing the rule could be disastrous.
Sombke says although the President has threatened to veto the legislation, the question is will there be enough votes to avoid an override of that action.