“Rep. John Carney is playing a major role in a controversial effort to rework, and some say weaken, provisions of a landmark 2010 Wall Street reform law enacted in response to the Great Recession.

A bill co-sponsored by the Delaware Democrat would allow foreign branches and subsidiaries of U.S. financial institutions to follow financial regulations in their host countries and bypass U.S. rules.

It’s among several bills approved by bipartisan votes on the House Financial Services Committee that are designed to amend some provisions in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Those provisions affect financial instruments known as derivatives, which were the trigger for the financial crisis.

The Obama administration and reform advocates oppose the bills. One lawmaker called the bill cosponsored by Carney “Miracle-Gro” for the next financial disaster.”

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