June 13, 2011
Many Republican lawmakers have been eager to amend the extensive Dodd-Frank financial overhaul bill passed last summer. Now this week, they may have an opportunity to do something about it.
At least three GOP senators may try to attach amendments that would alter aspects of Dodd-Frank to relatively benign economic-development legislation, according to the Wall Street Journal.
Arguably the most extreme amendment comes from the Tea Party’s Sen. Jim DeMint (R-SC), who would seek to repeal Dodd-Frank entirely.
“We must repeal the Democrats’ takeover of the financial markets that favors Wall Street corporations, over-regulates small businesses with massive new bureaucracy and hurts consumers,” he said when introducing the bill last April, reports the Wall Street Journal.
An amendment from Sen. Jerry Moran (R-KS) addresses the Consumer Financial Protection Bureau created by Dodd-Frank. Moran’s amendment aims to place the leadership of the agency in the hands of a six-member panel as opposed to a single director, as well as put Congress in charge of the bureau’s funding.
The third amendment from Sen. David Vitter (R-LA) would repeal parts of Dodd-Frank that give the Financial Stability Oversight Council the power to determine if a company is “too big to fail” and would restrain the Federal Reserve from bailing out ailing businesses.
“When Congress worked on financial reform, some major pieces were glossed over—like ending taxpayer funded bailouts and ‘too big to fail,'” Mr. Vitter said in a statement.
Click here to read more about the legislation to amend Dodd-Frank.
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