This rule was to take effect in July 2015. It did not. In 2014, Citigroup lobbyists maneuvered, at the last minute, bank favorable language into a federal omnibus spending bill that was passed just three hours prior to a threatened shutdown of the government due to lack of funding. The inserted banking language repealed Section 716. President Obama was aware of the banking language yet chose to sign the spending bill into law rather than fight the banking industry.
