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September 29, 2015

Banking Industry Seeks Dodd-Frank Rollbacks In the Form of Year-End Policy Riders

“The banking industry believes it can win more rollbacks of the 2010 Dodd-Frank financial overhaul by having them ride on year-end legislation, a move that will only make politically difficult year-end negotiations that much more treacherous for congressional leaders.

“Financial services lobbyists concede that Republican-written bills to make broad changes to the oversight of their industry aren’t likely to become law in this Congress, given partisan gridlock and a tight legislative calendar. They say instead that their best chance will be to attach piecemeal Dodd-Frank changes to whatever year-end spending agreement lawmakers conjure up to avert a government shutdown.”

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“The approach isn’t new for a financial services lobby that won two significant changes to Dodd-Frank in the past 12 months, both easing derivatives regulation, by having them tacked onto bipartisan bills. The White House and many Democrats opposed the moves, but allowed them to ride on fiscal 2015 spending legislation and a reauthorization of an overdue terrorism insurance program early this year to ensure GOP support.

“That’s what they will do again if they can get away with it,” said Dennis Kelleher, president and CEO of Better Markets, a group that favors enhanced financial oversight.”

“Senate Democrats say they are united in opposing contentious policy riders to any spending bill, particularly those that would ease Dodd-Frank oversight of banks or curtail the clout of the Consumer Financial Protection Bureau.”

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Read the full Roll Call article by George Cahlink here.

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