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Monday, April 3, 2017
Toomey Seeks Answers on Leveraged Lending Guidance
Sen. Pat Toomey (R-Pa.) has asked the Government Accountability Office to determine whether the 2013 guidance on leveraged lending issued by the federal banking agencies constitutes a "rule" for purposes of the Congressional Review Act, under which Congress can – in certain cases – vote to overturn a regulation. Toomey acknowledged that the guidance had been issued without notice and comment but had characteristics of rules subject to CRA.
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