Buried in a 239-page amendment to the U.S. House of Representatives' financial regulatory overhaul is a provision that appears to do just one thing: exempts financial-services company USAA from some of the bill's tougher provisions.But for those of you who think more financial regulation is necessary to avoid future financial crises, and that therefore exempting certain companies is problematic, no need to worry:
The carve-out is one of a number of exceptions that allow companies to avoid fresh scrutiny envisioned by the White House, which is aiming to overhaul the nation's financial-regulatory apparatus. The beneficiaries run from corporations such as General Electric Co. and Pitney Bowes Inc. to USAA, which caters to members of the military and their families, to so-called fraternal benefit societies.
Referring to USAA, House Financial Services Committee Chairman Barney Frank (D., Mass.) said ... "There's no remote prospect of them being a problem."