U.S. Senate republicans push for full repeal of Dodd-Frank

Demint bill introduced today would scrap regulatory overhaul

Apr 1, 2011 @ 2:55 pm

U.S. Senate Republicans, including Minority Leader Mitch McConnell, said they would push legislation that would overturn the Dodd-Frank financial-regulation law approved by a Democrat-led Congress last year.

“This financial takeover will strangle our economy and move jobs overseas unless it is repealed,” Senator Jim DeMint, the South Carolina lawmaker who introduced the measure today, said in a statement.

The bill offered by DeMint, who serves on the Senate Banking Committee, would set aside the regulatory overhaul that aims to make sweeping changes to oversight of derivatives, consumer lending and business practices at financial firms such as Goldman Sachs Group Inc. and Bank of America Corp.

Republican leaders, who opposed the legislation in Congress last year, are taking a variety of steps to force changes to the law as regulators implement its provisions. Some House Republicans have pushed for smaller changes, aiming to reshape or repeal single measures, as opposed to the entire law. Representative Michele Bachmann, a Minnesota Republican, introduced a bill similar to DeMint's in January.

DeMint's proposal is backed by McConnell of Kentucky and the rest of the Senate's Republican leadership, including Senator Richard Shelby, the Alabama lawmaker who is the party's ranking member on the Banking Committee.

Shelby “was the leading opponent of Dodd-Frank and absolutely supports legislation to repeal it,” Jonathan Graffeo, Shelby's spokesman, said today in an e-mail.

Democrats' Opposition

Republican efforts to overturn Dodd-Frank are likely to be opposed by the Senate's Democratic majority and would require approval by President Barack Obama, who proposed the regulatory overhaul in response to the 2008 credit crisis.

Representative Barney Frank, the Massachusetts Democrat who co-wrote the law, said today in an interview that the real threat is to funding for agencies such as the Commodity Futures Trading Commission the and Securities and Exchange Commission as they draft and implement its rules.

“The threat we have is not that they would do this,” said Frank, the top Democrat on the Financial Services Committee, referring to the repeal. “It's that they defund the SEC and the CFTC.”

--Bloomberg News--

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Why broker-dealers are on a roll

Deputy editor Bob Hordt and senior columnist Bruce Kelly discuss last year's bounce-back for IBDs.

Latest news & opinion

Things are looking up: IBDs soared in 2017

With revenue up, interest rates rising and regulation easing, IBDs are soaring.

SEC advice rule: Here's what you need to know

We sifted through the nearly 1,000-page proposal and picked out some of the most important points.

Cadaret Grant acquired by private-equity-backed Atria

75-year-old owner Arthur Grant positions the IBD for the 'next 33 years.'

SEC advice rule seeks to tighten reins on brokers

The proposed rule puts new restrictions on brokers, but it is still unclear how strongly the SEC is clamping down.

SEC advice rule hearing updates

Commission says a lot of work ahead, public will have 90 days to comment.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print