OTC MARKET NEWS Powered By Quantifi

McConnell Is Pessimistic Congress Will Overhaul Dodd-Frank 

May 17, 2017

Elizabeth Dexheimer, Bloomberg Politics

Senate Majority Leader Mitch McConnell said he’s pessimistic Congress will overhaul the Dodd-Frank Act because he doubts Republicans can secure enough Democratic votes to make major changes to the sweeping legislation that tightened oversight of banks after the financial crisis.

“I’d love to do something about Dodd-Frank, particularly with regard to community banks but that would require Democratic involvement,” Kentucky’s McConnell told Bloomberg News in an interview Tuesday. “I’m not optimistic."

McConnell said the 2010 banking law has had unintended consequences that have hurt the nation’s smallest banks, a common refrain of Republican lawmakers. Any effort to revamp Dodd-Frank would probably have to go through the Senate Banking Committee, which is led by Mike Crapo. While McConnell said he has discussed the legislation with Crapo, the Idaho Republican has indicated that there isn’t much Democratic interest in revisiting it.

Read more

Comments are closed on this post.


Submit your email to receive our newsletter