Rare Loss for Wall Street in Senate’s Reboot of Financial Rules
- Despite lobbying, big firms don’t get many changes they wanted
- Smaller lenders would be freed from too-big-to-fail oversight
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The U.S. Senate is expected to approve a sweeping revamp of financial rules this week.
Of all the surprises that entails -- about a dozen Democrats signing on, Republicans leaving a lot of the much-maligned Dodd-Frank legislation intact -- the biggest is the lack of goodies for Wall Street.