President Trump has promised to dismantle the financial and Wall Street reforming Dodd-Frank Act. It’s one of the hallmarks of the Obama administration and extremely unpopular with Republicans.
The House is poised to pass its version of Dodd-Frank reforms called the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act or CHOICE for short. When it gets to the Senate — and it likely will — Senate Majority Leader Mitch McConnell doesn’t see much hope for it going much farther.
Republicans need 60 votes to do away with Dodd-Frank and only have 52. Since it’s not likely that many Democrats are going to go along with CHOICE, a filibuster is likely and that’s that.
“I’m not optimistic. So far, my impression is the Democrats on the banking committee believe that Dodd-Frank is something akin to the Ten Commandments,” McConnell said.
What the Senate Majority Leader would like to see — at the very least — is a bipartisan compromise on regulatory relief for community banks. That caught the ear of the Senate Banking Committee’s ranking Democrat Sen. Sherrod Brown of Ohio. He’s not open to many changes in Dodd-Frank but that is one.
Source link: The Hill