Congressional Republicans say they want to change the Dodd-Frank Wall Street reform bill, not tear it apart.
While President-elect Donald Trump campaigned on a promise to “dismantle” the law, Republican lawmakers are setting their sights on a lower target.
With a Republican in the White House and the party in charge of both chambers of Congress for the first time since 2006, they say they have a chance to make important fixes to the law, despite a desire to scrap more of Dodd-Frank.
Banking interests aren’t interested in completely repealing the law either.
“We’re not asking for wholesale throwing out Dodd-Frank,” said JPMorgan Chase CEO Jamie Dimon, according to the Wall Street Journal. Dimon will serve on a White House economic advisory board.
Banks “have their own pet issues, but no one is going to ask for a full repeal,” said a senior financial industry source.
Repealing Dodd-Frank could be a public relations nightmare for Republicans and Wall Street, since it would lead to headlines about a GOP Congress repealing Wall Street reform.
In addition, small and big banks alike have made investments to get in line with the new rules that they don’t want to completely undo...
Read more at:
http://thehill.com/policy/finance/309752-gop-prepares-for-battle-over-dodd-frank
