Capital Briefs: D'Amato Expected To Push Red-Tape Bill

Senate Banking Committee Chairman Alfonse M. D'Amato is expected to ask Senate leaders to bring a bill paring bank regulations to the floor soon.

The bill, introduced last year by Sens. Richard Shelby, R-Ala., and Connie Mack, R-Fla., would "get rid of costly, unnecessary burdens and free up tens and tens of millions of dollars," Sen. D'Amato said during a Senate Banking subcommittee hearing Wednesday.

"We can keep that capital in the system, instead of in expenses," added the New York Republican.

The bill's progress has been slowed by disagreements among lawmakers over provisions that would modify the Fair Credit Reporting Act.

After the hearing, an aide said that Sen. D'Amato is "very close" to asking Senate leaders to schedule the measure for a vote, suggesting that lawmakers are nearing an agreement.

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