Blockchain A blockchain is a continuously growing list of record.docx

Blockchain
A blockchain is a continuously growing list of records, called
blocks, which are linked and secured using cryptography. Each
block typically contains a cryptographic hash of the previous
block, a timestamp and transaction data. By design, a
blockchain is inherently resistant to modification of the data. It
is "an open, distributed ledger that can record transactions
between two parties efficiently and in a verifiable and
permanent way". For use as a distributed ledger, a blockchain is
typically managed by a peer-to-peer network collectively
adhering to a protocol for inter-node communication and
validating new blocks. Once recorded, the data in any given
block cannot be altered retroactively without the alteration of
all subsequent blocks, which requires collusion of the network
majority.
Blockchains are secure by design. Decentralized consensus has
therefore been achieved with a blockchain. This makes
blockchains potentially suitable for the recording of events,
medical records, and other records management activities, such
as identity management, transaction processing, documenting
provenance, food traceability or voting.
Blockchain was invented by Satoshi Nakamoto in 2008 for use
in the cryptocurrency bitcoin, as its public transaction ledger.
The invention of the blockchain for bitcoin made it the first
digital currency to solve the double-spending problem without
the need of a trusted authority or central server. The bitcoin
design has been the inspiration for other applications.
Running head: WRITING STYLE AND MECHANICS 1

Pagination and Page
Header: Use the header
feature in Microsoft® Word
to set the page number and
to add the running head if
one is included. See
Appendix A for directions.
Typically, the running head is required only for publication.
Check with your
instructor regarding the preference for using a running head.
Doctoral students
must include the running head. The words Running head only
appear on the
title page. Use no more than the first 50 characters of the title.
Writing Style and Mechanics The title is in upper and lower
case
letters, centered between the left and
right margins, and positioned on the
upper half of the page. Use black, 12-
point Times New Roman font
throughout. Arial and Courier font
types are acceptable. Doctoral
students: See the note below about
formatting the title page for your
program requirements.
Student Name
Course/Number
Date

Instructor Name*
REQUIRED TITLE PAGE INFORMATION
As shown above, center the following elements on the page in
this order:
Title of Paper (mixed upper and lower case letters)
Your Name (first and last name without including academic or
license information such as BSN
or RN)
Course Abbreviation and Number
Due Date (month, day, and year)
Instructor’s Name
*Doctoral students must format the title page according to APA
guidelines as follows: title,
author’s name, and institution name.
All lines are double-spaced throughout the entire document. Use
black, 12-point Times New
Roman font throughout the document. Arial and Courier font
types are acceptable.

The Writing Style and Mechanics paper provided by the Center
for Writing Excellence represents the consensus of several
deans
and other key academic officials within Apollo Group. The
sample paper corresponds to APA style, which is the
University’s
preferred style. This document may contain more than 20% of
its information from a single source. The sample paper is
written to
help you format your paper. Typically, an academic paper will
include information from a variety of sources and should not
contain
more than 20% of its information from a single source.
Although this sample paper is offered as a tool to help students
with style, it is not a definitive or binding representation of
format
accepted by individual instructors. As a result, for all
unresolved style and format issues, it is essential that you
consult with your
instructor before submitting your paper for a grade. Your
instructor is the final authority regarding acceptable format and
style for
papers associated with a course, and the instructor's
recommendations will prevail over this sample paper in the
event that
differences occur between the two.
Revised: December 2009
Center for Writing Excellence
© 2009 Apollo Group, Inc. All rights reserved
WRITING STYLE AND MECHANICS 2

Abstract
According to the Publication Manual of the American
Psychological Association (APA), An
abstract is “a brief, comprehensive summary of the contents of
the article; it allows readers
to survey the contents of an article quickly and, like a title, it
enables persons interested in
the document to retrieve it from abstracting and indexing
databases” (2010, p. 25). The first
line of the abstract is not indented. An abstract may range from
150 to 250 words (APA,
2010). Because an abstract is not always required for student
papers, adhere to your
instructor’s requirements.
Quotations: All
quotations
require a page
number or
paragraph
number.

Indent the first
line of each
paragraph using
the tab key. The
tab key is
usually set at
five to seven
spaces or one-
half inch.
Writing Style and Mechanics Writing Style and Mechanics
The Publication Manual of the American Psychological
Association (APA) began as
a journal article in 1929. That article reported results from a
meeting of scholars “to
establish a simple set of procedures, or style rules, that would
codify the many components
of scientific writing to increase the ease of reading
comprehension” (APA, 2010, p. xiii).
Today the Publication Manual is in its sixth edition, and the
APA style described in it is a
widely recognized standard for scholarly or professional writing
in the social sciences.
Although the style guide is designed to prepare manuscripts for
publication, many
universities and health care journals have adopted its use as a
guide to achieve uniformity

and consistency (Cuddy, 2002). Writing in the style prescribed
by the Publication Manual
can be a daunting experience for students. As with any new
skill, “practice makes perfect”
(S. Proofreader, personal communication, June 28, 2004). Points
of APA style most often
used by undergraduate and graduate students are listed below.
However, keep in mind that
this sample paper is a guide and should not be considered as a
replacement for the
Publication Manual.
The Publication Manual of the American Psychological
Association (APA) began as
a journal article in 1929. That article reported results from a
meeting of scholars “to
establish a simple set of procedures, or style rules, that would
codify the many components
of scientific writing to increase the ease of reading
comprehension” (APA, 2010, p. xiii).
Today the Publication Manual is in its sixth edition, and the
APA style described in it is a
widely recognized standard for scholarly or professional writing
in the social sciences.
Although the style guide is designed to prepare manuscripts for

publication, many
universities and health care journals have adopted its use as a
guide to achieve uniformity
and consistency (Cuddy, 2002). Writing in the style prescribed
by the Publication Manual
can be a daunting experience for students. As with any new
skill, “practice makes perfect”
(S. Proofreader, personal communication, June 28, 2004). Points
of APA style most often
used by undergraduate and graduate students are listed below.
However, keep in mind that
this sample paper is a guide and should not be considered as a
replacement for the
Publication Manual.
Do not include Introduction as a level heading.
Instead, begin the text of the paper by
repeating the title from your title page. The title
of the paper is centered but not bolded.
Personal
communication:
A personal
communication is
not included on
the reference
page.
Use one space

or two spaces
after a period
at the end of a
sentence. Be
consistent with
usage
throughout the
document.
Doctoral
students
should use two
spaces after
sentence-
ending
punctuation in
the body of the
paper.
Format Considerations Format Considerations
Some commonly used rules and formats from the sixth edition
of the Publication
Manual are listed below. Please note, however, that some
assignments may require unique
formatting, and you should consult with your instructor for
clarification.
Some commonly used rules and formats from the sixth edition
of the Publication
Manual are listed below. Please note, however, that some
assignments may require unique
formatting, and you should consult with your instructor for

clarification.
Level One Heading: Level one
headings are centered and bolded in
upper and lower case letters.
Level Two Heading: Level two headings are placed at the
left margin and bolded in upper and lower case letters. Correct
Margins Correct Margins
Margins: Use
one-inch
margins on all
sides of the
document.
Margins are one inch on all sides. This rule is broken only to
avoid placing a lone
heading on the last line of the page or a single line of text on
the top of the next page.
Margins are one inch on all sides. This rule is broken only to
avoid placing a lone
heading on the last line of the page or a single line of text on
the top of the next page.
Page Header
The page header contains the running head and the page
number. Check with your

instructor to see if a running head is required. The header is set
using the header feature in
Microsoft® Word. Consult Appendix A for format directions for
the header feature. The
words Running head only appear on the title page. Use no more
than the first 50 characters
of the title in running head. The page number is set at the right
margin, and the running head
is set at the left margin. The automatic header function of a
word-processing program should
be used to place the page numbers consecutively in the paper.
Arabic numerals (1, 2, 3, and
so on) are used to number each page, beginning with 1 on the
title page.
Reference Page
Hanging indentation is used for the reference page. (See
Appendix B for format
directions to create hanging indents). In a hanging indent, the
first line of the reference rests
against the left margin, and the lines that follow are indented
five to seven spaces or one-half
inch to the first tab stop. The reference page is alphabetized by
author or by title of the work

when no author is listed, and each entry contains the date of
publication in parentheses
directly after the author’s name. The title, the place of
publication, and the name of the
publisher follow the date of publication for a book entry. The
proliferation of electronic
materials has prompted APA to create formats designed
specifically for Internet and web-
based written material. Visit the APA website at
www.apastyle.org for additional
information about formatting electronic references. You will
also find frequently asked
questions and helpful free tutorials about using APA style.
Only references that have been cited in the paper are listed on
the reference page.
Personal communications are cited in the text but do not appear
on the reference page
because the reader cannot retrieve them. Additional reference
examples are available in the
Reference and Citation Examples tutorial in the Center for
Writing Excellence at Tutorials

& Guides.
In-Text Citations
Direct quotations. Direct quotations must mirror the original
source word for word,
even if errors are contained in the original text. To alert the
reader that errors are part of the
original material, the word [sic], enclosed in brackets and
italicized, must follow the
erroneous material. The source of the quotation must be cited.
The format of direct
quotations may vary with the placement of the quoted material
in the sentence. The
following is an example of how you may use a direct quotation
from a website with an
author: “Diversity is emerging as one of the most serious issues
in the workplace today, yet
most employers are not prepared to deal with it” (Copeland,
2003, Erroneous Assumptions,
para. 1). The author’s last name, the year of publication, the
website title or section title, and
the paragraph number, when no page number is available, are
included in the citation.
Level Three
Heading:

Level three
headings are
indented and
bolded.
Capitalize only
the first word,
include a
period at the
end, and
continue the
text without
using a hard
return.
The following is an example of how one may use a direct
quotation from a book with
one author: Venes (2001) stated, “The types of influenza
doctors must prepare for fall into
three categories” (p. 106). If the author’s name is stated prior to
the quotation, include the
date of publication (in parentheses) after the author’s name, and
follow the quotation with
the page or paragraph number. For a work with two authors, use
both authors’ last names for
every citation. If the source has three or more authors but fewer
than six authors, list all
authors in the first citation, and use the first author’s last name
and the words et al. (without
italics) for the rest of the citations. If the source has more than

six authors, you may use the
first author’s last name and the words et al. (without italics) for
every citation (APA, 2010,
“Erroneous
Assumptions”
is the heading
of a section
within the web-
based article,
“Managing a
Multicultural
Workforce.”
Using the
heading of a
section for an
online article
will help your
reader quickly
locate the
content in the
original source.
p. 175). Refer to the Reference and Citation Examples tutorial
in the Center for Writing
Excellence at Tutorials & Guides for examples of in-text
citations.
Quotations that contain fewer than 40 words are enclosed in
double quotation marks

within the text. Use single quotation marks for quotations
contained within a direct
quotation. Quotations of 40 words or more are indented in a
block format without quotation
marks. Use double quotation marks to indicate a quotation
within the block quotation. The
block quotation is started on a new line, and it is indented five
to seven spaces or one-half
inch. A sample block quotation appears on page 8 of this
document.
Paraphrased material. Paraphrasing allows the writer to present
someone else’s
ideas or intellectual property and to supply proper credit to the
original author or authors
(Lawton, Cousineau, & Hillard, 2001). When an author is
paraphrased, the source must be
cited in the text. If a source is mentioned more than once in a
paragraph, a citation must be
included each time. Page or paragraph numbers are not required
for paraphrased material,
but the Publication Manual recommends that writers include a
page or paragraph number to
help the reader easily locate the information (APA, 2010, p.
171). If a writer were to

paraphrase information from an article located in an online
database, the writer would
format the citation as follows: Daniels (2004) included Darden
Restaurants on her list of the
50 best companies for minorities. Here is an example where the
author is not mentioned
within the text: A list of companies has been singled out as best
for minority employees
(Daniels, 2004). Both examples include the author’s last name
and the date of publication. If
the author’s name is not provided with the paraphrased text, it
must be included in the
citation. Refer to the Reference and Citation Examples tutorial
in the Center for Writing
Excellence at Tutorials & Guides for examples of paraphrasing.
Write out and
with authors’
names
mentioned
within the
text. Use an
ampersand (&)
when they are
written within a
citation.

Plagiarism. Plagiarism constitutes a serious academic concern.
According to
Lawton, Cousineau, and Hillard (2001), “Academic
communities demand that writers credit
others for their work and that the source of their material
clearly be acknowledged” (para.
6). Internet access has resulted in an increase in plagiarism.
McCabe noted (as cited in
Sterngold, 2004), 41% of students said they engaged in cut-and-
paste plagiarism from
online sources. The sentences and phrases used in one’s paper
must be original or cited and
referenced accordingly. Although it may be easier for a writer
to use someone else’s words,
doing so discredits the writer. When in doubt, cite. See the
Plagiarism Guide in the Center
for Writing Excellence at Tutorials & Guides for more
information about avoiding
plagiarism and about properly citing intellectual property.
Secondary
Sources: A
secondary source
is also called an

indirect source. List
only the primary
source in the
reference list, and
cite the author of
the secondary
source only within
the text. Secondary
sources are not
ideal in academic
writing and should
be avoided.
Electronic
source and
quotation: If
the electronic
source does not
have page
numbers, use
the abbreviation
para. for the
paragraph
number.
Other Format Issues
The preferred typeface for APA style is black, 12-point Times
New Roman (APA,
2010). However, Arial and Courier font types are acceptable.
Avoid using any software
settings that reduce spacing between words or letters or that add
spacing between

paragraphs. Use double-spacing throughout the document. You
may use one space or two
spaces after sentence-ending punctuation in the body of your
essay, but use consistent
spacing at the end of a sentence throughout your essay. For
consistency with APA style,
Doctoral students must space twice after sentence-ending
punctuation in the body of an
essay and space once after a period separating each main
element in the reference list.
Although the Publication Manual (2010) requires an abstract to
precede the text, an
abstract is not used in most student papers. Instructors may
require an abstract if students are
submitting lengthy papers or project proposals. In those cases,
the direction to submit an
abstract will be in the assignment guidelines.
Writing Mechanics
Correct grammar, punctuation, spelling, and sentence
structure—in addition to
formatting—are essential components of scholarly writing.

Strunk (1918/1999) emphasized
the importance of being succinct:
Vigorous writing is concise. A sentence should contain no
unnecessary words, a
paragraph no unnecessary sentences, for the same reason that a
drawing should have
no unnecessary lines and a machine no unnecessary parts. This
requires not that the
writer make all his sentences short, or that he avoid all detail
and treat his subjects
only in outline, but that every word tell. (para. 1)
Block quotation:
Block quotations
are indented to
the tab margin
and do not
contain quotation
marks. The in-text
citation occurs
outside of the
punctuation that
ends the
sentence.
Grammar
In addition to the provision of a standardized format for
scientific writing, the

Publication Manual (2010) emphasizes the importance of proper
grammar. For a thorough
grammar review, refer to the Grammar and Writing Guides in
Tutorials & Guides from the
Center for Writing Excellence homepage. The Grammar and
Writing Guides are resources
that review grammar, mechanics, and style, and each section
contains practice quizzes.
Important basic grammar principles are listed below.
Subject and verb agreement. A singular noun requires a singular
verb, and a plural
noun requires a plural verb (APA, 2010). Words that intervene
between the noun and the
verb do not change this basic rule.
Noun and pronoun agreement. When writers use a singular
noun, they must also
use a singular pronoun. To avoid using he/she (he or she) or
him/her (him or her), writers
may reword the sentence and use a plural noun and a plural
pronoun to eliminate the
problem of nouns and pronouns that do not agree. For example,
the sentence “A student

applying for a job must carefully proofread his or her
application” may be reworded to read,
“Students applying for jobs must carefully proofread their
applications.” Use of plural forms
also helps writers reduce bias, avoid stereotypes, and refrain
from using both singular and
plural in the same sentence or paragraph.
Passive voice. Passive voice obscures the actor in this sentence:
“The house was
painted,” because it omits who applied the paint. In contrast,
the same sentence written in
active voice would be something such as this: “Our company
painted the house.” The
passive voice, which is a form of “be” (is, was, were, will be,
have been, etc.) and a
participle (painted, etc.), is useful when the actor's identity is
not important to the sentence
or context. Overuse of the passive voice causes the document to
read similarly to an
instructional manual, dry and monotonous. According to Sigel
(2009), it weakens the
essay’s argument and prevents clear and concise writing.
Occasional use of the passive

voice is acceptable, but documents written primarily in the
active voice are more enjoyable
and more persuasive to read (Sigel, 2009).
Punctuation. Correct punctuation establishes the rhythm and
readability of
sentences. Use only one space after commas, colons, and
semicolons. Use one or two spaces
after a period at the end of a sentence (be consistent with use).
When a hyphen or a dash is
used, no space appears before or after the hyphen or dash (APA,
2010). Correct use of
commas and semicolons can be challenging for students.
Writers are encouraged to
proofread their papers to ensure proper use of commas (Purdue
OWL, 2009).
Capitalization. Capitalization is used to designate a proper noun
or trade name as
well as major words in titles and in headings. Instances where
capitalization is not used
include laws, theories, models, or hypotheses, such as ethical
decision-making models and

names of conditions or groups in an experiment, such as
experimental or control groups
(APA, 2010). A common error in capitalization is its use with
the name of a job title or
department. An example is human resources, which is not
capitalized, versus the specific
title of ACME Human Resources Department, which is
capitalized.
Seriation (elements written in a series). Items contained in a list
help to clarify the
point being made or help to clarify components of a subject.
Bullets may be used for a list in
academic writing according to APA standards (2010). To show
seriation of separate
paragraphs, however, number each paragraph with an Arabic
numeral followed by a period
that is not enclosed in or followed by parentheses. To show
seriation within a paragraph or a
sentence, use lowercase letters in parentheses. An example of
seriation is shown in
Appendix C.
Numbers. Spell out numbers one through nine that appear in the
body text. Use

Arabic numerals to express numbers 10 and above. Exceptions
to this rule are discussed in
the Grammar and Writing Guides in the Center for Writing at
Tutorials & Guides. Once in
the Grammar and Writing Guides, go to Grammar Mechanics
and select Number Usage for
a list of the exceptions. If you have the Publication Manual,
sixth edition (2010), refer to
pages 111-114 for detailed information about number usage.
Third person versus first person. Person refers to the point of
view or the source
of the writer’s opinions. Use third person (he, she, they) in
academic writing. When
referring to yourself, however, stating “The writer instructed
the patients” is ambiguous and
may give the impression that you did not participate. Instead,
use a first person personal
pronoun: “I instructed the patients.” For the most part, reference
to self in first person should
be limited to personal reflection or opinion papers.
Conclusion

TIP: Always include a conclusion that summarizes the main
points of the paper. Check with your instructor regarding the
preference for the inclusion of a Conclusion heading.
By understanding mechanics and usage requirements and by
referencing materials
appropriately with in-text citations and reference entries, you
will clearly communicate the
content of your work. Use the information included in this paper
to develop effective
academic papers. You are also encouraged to refer to the
resources in the Center for Writing
Excellence and the style information from www.apastyle.org for
additional information
about academic writing.
Reference Page: Use a separate page to list the references and
double-
space the entire page. Note that throughout the paper and the
reference
list, titles of non-periodicals and the names of journals, book
titles, and
volume numbers are set in italics rather than being underlined.
References
American Psychological Association. (2010). Publication

manual of the American
Psychological Association (6th ed.). Washington, DC: Author.
Book with a
corporate author
Online Journal Article
Copeland, L. (2006). Managing a multicultural workforce.
California Job Journal.
Retrieved from http://www.jobjournal.com
Book with an edition
Cuddy, C. M. (2002). Demystifying APA style. Orthopaedic
Nursing, 21(5), 35-42.
Retrieved from http://www.orthopaedicnursing.com
Daniels, C. (2004, June 28). 50 Best companies for minorities.
Fortune, 149(13), 136-
146. Retrieved from http://money.cnn.com/magazines/fortune A
source
available on
a university
program or
department
website
Lawton, K. A., Cousineau, L., & Hillard, V. E. (2001).
Plagiarism: Its nature and
consequences. Retrieved from Duke University Guide to Library
Research website:

http://www.lib.duke.edu/libguide/plagarism.htm
Purdue OWL. (2009). Commas: Quick rules. Retrieved from
Purdue University Online
Writing Lab website:
http://owl.english.purdue.edu/handouts/grammar/g_commaproof
.html A source
with a digital
object
identifier
(DOI) Sigel, T. (2009). How passive voice weakens your
scholarly argument. Journal of
Management Development, 28(5), 478-480.
doi:10.1108/02621710910955994
Sterngold, A. (2004). Confronting plagiarism: How
conventional teaching invites cyber-
cheating. Change, 36(3), 16. Retrieved from
http://www.changemag.org
Strunk, W., Jr. (1999). Elementary principles of composition:
Omit needless words. In The
elements of style. Retrieved from
http://www.bartelby.com/141/strunk5.html#13
(Original work published 1918)
http://www.jobjournal.com/

Venes, D. (2001). Taber's cyclopedic medical dictionary (19th
ed.). Philadelphia, PA: F.A.
Davis.
Appendix A: Header Feature in Microsoft® Word
Page Headers
Identify each page with the running head at the left margin and
the page number
placed at the right margin. (Use a running head only if your
instructor requires it or if you
are a doctoral student.) Do not use your name to identify each
page. Be sure the font type
and size are the same in the header as that used throughout the
document.
Word 2003
To create a correct header with an automatic page number in
Word 2003, use the
following guidelines:
1. Select the View menu on the toolbar.
2. Select Header and Footer. (If you are not creating a running
head, skip to number 8
below.)
3. Place the cursor in the Header box and select the left

justification button on the
toolbar so that the cursor in the Header box moves to the left.
4. Type the running head, if required. Otherwise, continue with
number 8 below.
5. Select the Page Setup icon (the sixth icon in the Header and
Footer toolbar).
6. Select the different first page option in the Layout tab to
make the first page header
different from the rest of the document.
7. Adjust the first page header to include the words Running
head (without italics) with
the first 50 characters of the title, and adjust the header on the
second page to include
the first 50 characters of the title.
8. Tab to the right so that the cursor in the Header box moves to
the right margin.
9. Use the automatic function for inserting the page number as
illustrated in this picture
by selecting the first button with the # symbol.
10. Select Close. Your header is complete.
Word 2007
To create a correct header with an automatic page number
feature in Word 2007, use
the following guidelines:
1. Click on the Insert tab.

2. Select the Header icon.
3. Choose the Blank header tab from the drop-down menu. This
places the cursor inside
the header at the left margin.
4. Type the running head (the first 50 characters of the title in
all capital letters. Do not
yet include the words, Running head:), if required. Otherwise,
continue with number
7 below.
5. Tab to the right margin, and click the Page Number icon.
6. Place the cursor over Current Position. A drop-down menu
should appear.
7. Select the Plain Number option. A number 1 will appear at
the right margin of your
document. (Once the different first page has been created, this
number will change to
2, 3 . . . when the document is typed.)
8. From the Design menu for Header & Footer, select the option
labeled Different first
page.
9. Create the new first page header to include the words
Running head: (do not,
however, use italics) and, as before, the first 50 characters of
the title in all capital

letters.
10. Once again, tab to the right margin, and click the Page
Number icon.
11. Place the cursor over Current Position. A drop-down menu
should appear.
12. Select the Plain Number option. A number 1 will appear at
the right margin of your
document.
13. Choose Close Header and Footer (the red X at the far right
on the menu). Your
cursor then appears at the beginning of the document, and
automatic page numbers
should be visible as you type each new page.
14. Verify that the page numbers at the right of the header for
page 1 and for page 2 are
at the same location for the right margin. (If not, use the ruler
bar to make
adjustments.)
Appendix B: Directions for a Hanging Indent
Microsoft® Word 2003
Select the text that requires a hanging indent or create a
hanging indent at the top of
the references page before typing the text. From the Format
menu, select the Paragraph

command (as shown in Picture One). In the Special list under
Indentation, select Hanging
(Picture Two).
Picture One
Picture Two
Microsoft® Word 2007
Select the text that requires a hanging indent or create a
hanging indent at the top of
the references page before typing the text. From the Home
menu, click on the Paragraph
command (see Picture One). This will bring up the Indents and
Spacing tab (see Picture
Two). Under Indentation in the Special box, click on Hanging
and choose OK.
Picture One
Picture Two

Appendix C: Seriation
Seriation
To show seriation (lists) within a paragraph or sentence, use
lowercase letters, not
italicized, in parentheses:
Job satisfaction is increased when nurses are provided with (a)
therapeutic massage,
(b) relaxation therapy, and (c) music therapy.
To show seriation of separate paragraphs, number each
paragraph with an Arabic
numeral, followed by a period but not enclosed in or followed
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2. Books are action-oriented . . . [paragraph continues]
If all elements in the list are of equal importance, use bullets
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bernanke-geithner-and-paulson-full-interview

Congress Approves First Big Dodd-
Frank Rollback
The changes would relax federal oversight of banks with assets
of less than $250 billion,
including a requirement that such institutions face so-called
stress tests.CreditJeenah
Moon for The New York Times
WASHINGTON — A decade after the global financial crisis
tipped the United States into
a recession, Congress agreed on Tuesday to free thousands of
small and medium-sized
banks from strict rules that had been enacted as part of the 2010
Dodd-Frank law to
prevent another meltdown.
In a rare demonstration of bipartisanship, the House voted 258-
159 to approve a
regulatory rollback that passed the Senate this year, handing a
significant victory to
President Trump, who has promised to “do a big number on
Dodd-Frank.”
The bill stops far short of unwinding the toughened regulatory
regime put in place to
prevent the nation’s biggest banks from engaging in risky
behavior, but it represents a
substantial watering down of Obama-era rules governing a large
swath of the banking
system. The legislation will leave fewer than 10 big banks in
the United States subject to
stricter federal oversight, freeing thousands of banks with less
than $250 billion in
assets from a post-crisis crackdown that they have long

complained is too onerous.
Republican lawmakers and the banking industry cheered a
measure they said would
help unshackle banks — and the economy — from regulatory
burdens.
Paul D. Ryan, the House Speaker and Wisconsin Republican,
said the bill’s passage was
a step toward “freeing our economy from overregulation.”
“Our smaller banks are engines of growth,” he said in a
statement. “By lending to small
businesses and offering banking services for consumers, these
institutions are and will
remain vital for millions of Americans who participate in our
economy.”
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The push to alter even a portion of Dodd-Frank so soon after the
crisis and just ahead of
the midterm elections has pitted Democratic lawmakers against
one another. Party
leaders are eager to present a united front to voters in November
and are wary of losing
a signature issue — holding Wall Street accountable.
“It’s a bad bill under the guise of helping community banks,”
Representative Nancy
Pelosi of California, the Democratic minority leader, said
during debate on the House
floor on Tuesday. “The bill would take us back to the days when

unchecked recklessness
on Wall Street ignited an historic financial meltdown.”
[Read more about the Dodd-Frank rollback.]
The Dodd-Frank bill was a Democrat-led initiative that passed
with the support of just
three Republicans and it has been under constant attack from
Republicans ever since.
Left-leaning lawmakers like Senator Elizabeth Warren of
Massachusetts and Senator
Sherrod Brown of Ohio have blasted their more moderate
colleagues, like Heidi
Heitkamp of North Dakota, for supporting the legislation, and
Democratic leaders have
tried to prevent any lawmakers from crossing the aisle to
support the bill.
“For years, armies of bank lobbyists & executives have groaned
about how financial
rules are hurting them,” Ms. Warren wrote on Twitter ahead of
the House vote. “But
there’s a big problem with their story — banks are making
record profits. Congress has
done enough favors for big banks — the House should reject the
#BankLobbyistAct.”
Ms. Pelosi and Representative Maxine Waters of California, the
ranking Democrat on
the House Financial Services Committee, wrote a letter to their
House colleagues urging
them not to support the bill. “We must not allow the G.O.P.
Congress to drag us back to
the same lack of oversight that ignited the Great Recession,”
they wrote.

The overtures did not prevent several Democrats from crossing
party lines in favor of
the legislation — 33 Democrats voted for it, and one
Republican, Walter B. Jones of
North Carolina, voted against it.
https://www.nytimes.com/subscription?campaignId=7YUFJ
https://www.nytimes.com/2018/01/15/us/politics/democrats-
banking-rules.html?module=inline
https://www.nytimes.com/2018/03/04/business/wall-street-
banks-dodd-frank.html?module=inline
https://twitter.com/search?q=%23BankLobbyistAct
Democrats have pointed to record profits on Wall Street, saying
banks do not need relief
from rules given how flush they are with cash. A report from
the Federal Deposit
Insurance Corporation on Tuesday said that the combined net
income of the nation’s
commercial banks and savings institutions reached $56 billion
in the first quarter of
2018, a 27.5 percent increase from a year ago.
Once the bill is signed by Mr. Trump, small and medium-sized
banks will no longer be
required to undergo “stress tests” aimed at measuring their
ability to withstand a severe
economic downturn. The legislation also offers a reprieve to big
— but not behemoth —
banks, allowing large institutions like American Express and
BB & T to no longer be
deemed “systemically important” and subject to stricter
oversight.
The bill also exempts some loan originators, including small

lenders, from certain
disclosure requirements under the Home Mortgage Disclosure
Act. Democrats say this
will open the door to discriminatory practices because the rules
required collection of
credit scores, loan amounts and interest rates in an effort to
expose redlining and
lending discrimination.
While the legislation does little to help the very largest banks
like JPMorgan Chase,
Goldman Sachs and Citigroup, the Trump administration has
been working behind the
scenes through its regulatory agencies to weaken capital
requirements and ease other
restrictions on such firms.
Later this month, five regulators are expected to release a plan
to water-down the
Volcker Rule, which bans banks from making risky bets with
depositors’ money.
Regulators have already proposed easing limits on how much
the largest banks can
borrow, a change that was opposed by Obama administration
appointees at the Fed and
the Federal Deposit Insurance Corporation, who argued it was
too soon to reduce capital
requirements for the biggest banks. And the Consumer Financial
Protection Bureau,
which is run by Mr. Trump’s budget director, has halted the
agency’s continuing
investigations into finance companies.
Republicans saw Tuesday’s vote as merely the beginning, not
the end, of the Dodd-
Frank legislative rollback.

For years, House Republicans have been pushing for a more
significant overhaul of
Dodd-Frank and last year passed the Financial Choice Act,
which would have crippled
the consumer bureau and revoked the Volcker Rule. However,
that bill stood no chance
of gaining Democratic support in the Senate and Republicans,
looking to score a victory
before the midterm elections, ultimately chose the pragmatic
path of approving the
bipartisan Senate legislation.
Republicans, and some Democrats, say that the Dodd-Frank law
has unnecessarily hurt
small- and medium-sized banks that did not play a role in the
financial crisis and have
been collateral damage in Washington’s campaign to corral their
bigger brethren. They
say the regulations have cut off the flow of credit to many
Americans who depend on
smaller banks for business and personal loans.
https://www.fdic.gov/news/news/press/2018/pr18030.html
https://www.fdic.gov/news/news/press/2018/pr18030.html
https://www.nytimes.com/2018/05/21/business/volcker-rule-fed-
banks-regulation.html?module=inline
https://www.federalreserve.gov/newsevents/pressreleases/bcreg
20180411a.htm
Representative Jeb Hensarling of Texas, the Republican
chairman of the House
Financial Services Committee, said the bill was a victory for
Americans who depend on
small banks and credit unions.

“The Main Street banks and credit unions that these people
depend on, they’ve been
suffering, they’ve been suffering for years under the weight, the
load, the volume, the
complexity and cost of heavy Washington bureaucratic red
tape,” he said.
Mr. Hensarling said he remained hopeful that the Senate would
consider some of the
other, smaller deregulation bills that the House has passed, but
their fates remain
uncertain.
Aaron Cutler, a former senior policy adviser to House
Republicans and now a partner at
Hogan Lovells, said the bill was just a first step. “Hopefully
this is the first of many
legislative pieces to come that improve financial regulations,”
he said.
Conservative groups that have been strong opponents of Dodd-
Frank say more must be
done to fix the regulatory overreach created by the crisis.
“The legislation unfortunately leaves intact the bulk of Dodd-
Frank, including its most
crushing burdens on consumers, investors, and entrepreneurs,”
said John Berlau, a
senior fellow at the Competitive Enterprise Institute, a
libertarian think tank. “To
provide real financial relief for Americans, much more is
required of Congress, the
president and regulatory agencies.”
To those who lived through the financial crisis, the deregulatory

efforts have prompted
concern.
Sarah Bloom Raskin, who was deputy Treasury Secretary during
the Obama
administration, said she was worried about the cumulative effect
of the Trump
administration’s deregulatory efforts. She said that there has
been a troubling lack of
economic analysis about the policies that are being put in place.
“Overall resilience is being weakened in unexamined ways,”
Ms. Raskin said.
Senior White House officials said after the bill passed that they
hoped to get it to Mr.
Trump’s desk for signing before Memorial Day. While they
would not say that it fulfilled
the president’s promise of repealing Dodd-Frank, they called it
an important step
toward ridding the economy of regulations that have held back
growth.
Correction: May 23, 2018
Earlier versions of this article incorrectly identified the name of
the think tank where
John Berlau is a senior fellow. It is the Competitive Enterprise
Institute, not the
Conservative Enterprise Institute.

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