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Senate Democrats will oppose a “wholesale rollback” of the Dodd-Frank Act but could be receptive to other regulatory changes, the top Democrat on the Senate Banking Committee said March 21.
“If you have a concrete problem based on evidence, Democrats want to work with you,” Sherrod Brown (D-Ohio) said at an American Bankers Association government relations conference in Washington.
Brown has said that Democrats would be on board with community bank relief but sweeping changes that Republicans—especially in the House—want would be problematic. “Big changes create uncertainty, which is bad for everyone,” he said March 21.
Brown’s stance demonstrates the daunting task that Republicans face, even with a Republican president, to changing the law. Most legislative fixes would require 60 votes in the Senate, which has a 52-seat Republican majority. Budget reconciliation could also be used, requiring a simple majority, but only spending-related initiatives would qualify under that strategy.
House Republicans are soon expected to introduce a new version of a wide-ranging financial bill that would chip away at the Dodd-Frank Act, and President Donald Trump has ordered executive agencies to review Dodd-Frank rules.
Brown expressed optimism that he and Senate Banking Committee Chairman Mike Crapo (R-Idaho) could work together on financial issues, saying the panel’s days of “dysfunction” and “less than busy work ethic” are likely behind it.
Crapo and Brown solicited public feedback March 20 on proposals to boost U.S. economic growth. Crapo took over as Senate Banking Committee chairman at the beginning of the year.
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