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Rep. Randy Neugebauer, R-Texas, the head of a House Financial Services oversight subcommittee, had released a letter this week signed by 121 lawmakers seeking a longer comment period. The lawmakers also asked the agencies to scrap the current proposed regulation and draft a new rule.
Scott Talbott, a senior vice president of government affairs for the Financial Services Roundtable, one of the industry's top lobbying groups, said his group welcomed the longer comment period.
"Given the complexities of the proposed rule and the impact on the markets, we appreciate the additional time," he said in a statement.
[Associated
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