Wednesday, 17 May 2017 00:00

Why the Dodd-Frank Repeal Will Never Happen

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There has been a lot of speculation lately that Congress and the White House will work together to repeal Dodd-Frank. The form of this major push is the CHOICE Act, which is likely to be voted on and passed in the House. The Act contains provisions to eliminate the fiduciary rule. However, Senate GOP leader Mitch McConnell says it is unlikely any move to overturn Dodd-Frank will ever pass, saying there is little Democratic interest in doing so. “So far, my impression is the Democrats on the banking committee believe that Dodd-Frank is something akin to the Ten Commandments”, said McConnell. Overturning Dodd-Frank would require 60 votes to pass. Republicans have just 52 seats in the Senate.

FINSUM: It is going to take some major deal-making to get a Dodd-Frank-gutting bill through the Senate, but if Republicans are willing to compromise it could happen.

Source: Bloomberg

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