With new Republican majorities in Congress, the Obama administration and Democrats are being tested on just how much change they will allow to the 2010 Dodd-Frank financial reform law.

Before December, Republicans had few opportunities to change anything about the overhaul of financial regulations, one of President Obama’s most significant first-term legislative achievements.

But in the waning days of 2014 and the earliest stages of the 114th Congress, Republicans have succeeding in attaching Dodd-Frank tweaks to other legislation. In response, liberal Democrats are digging in against further changes to the law.

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In recent weeks, liberals have warned that delaying the Volcker Rule prohibition on banks owning CLOs would be a favor to Wall Street at the expense of added risk for taxpayers. Four big banks, led by JPMorgan Chase, own 69 percent of CLOs, according to the group Better Markets.

Read the full Washington Examiner article by Joseph Lawler here.