U.S. lawmakers and lobbyists who once backed repeal of the 2010 Dodd-Frank Act are now pushing for technical fixes to the law, and they’re getting a skeptical reception from the measure’s advocates.
While some alterations to the act have bipartisan support in Congress, many Democrats say they remain wary of measures that might undermine the law that created the Consumer Financial Protection Bureau and mandated regulations to curb risky behavior by financial institutions deemed too big to fail.
The Republican-controlled House has already acted on some Dodd-Frank changes proposed by financial firms. The chamber approved a bill in March to exempt manufacturers and commercial swap-users from collateral requirements and ease regulations on inter-company trades. Other measures have won committee approval and are awaiting floor votes.
“The political context is such that it is either repeal or nothing, which is an absurd way to approach any major legislative activity,” he said of Dodd-Frank during a speech before the Bipartisan Policy Center on Oct. 18.
The measure to limit how the consumer bureau shares confidential information it collects from banks is an example of the complications that await even bipartisan changes to Dodd-Frank.