2017-06-17 — latimes.com
House Republicans and the Trump administration want a major rollback of the 2010 Dodd-Frank financial reform law, including changes that would help the nation's largest banks. But as debate shifts to the Senate, those changes are likely to be scaled back significantly because Republicans lack the votes to push many of them through.
"We will have an easier time getting bipartisan agreement at the smaller size level of institution," Senate Banking Committee Chairman Mike Crapo (R-Idaho) told an industry trade group this week. "As you move up the size level for institutions, the ability to get bipartisan agreement diminishes. But it doesn't go away."
One of the key targets of the House bill and the Treasury report is the Consumer Financial Protection Bureau, which would have its authority gutted.
The changes include making its director subject to removal by the president for any reason, eliminating the independent funding stream so Congress could reduce its budget, and stripping the agency of its ability to send supervisors into banks to make sure they are complying with consumer protection laws.
For [Sen. Sherrod] Brown and Senate Democrats, changes like that amount to a poison pill for any legislation.
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