The fight over the Senate's regulatory reform bill illustrates how entrenched Democrats and Republicans remain over the crisis-era law, eight years after its passage.
Over 100 Republican lawmakers filed a legal brief Friday backing Mick Mulvaney in the lawsuit challenging his appointment as acting head of the Consumer Financial Protection Bureau.
Numerous regional banks stand to benefit from a provision that narrows the scope of institutions defined as "systemically important" under the Dodd-Frank Act.
The Senate legislation would weaken scrutiny of large financial institutions, undercutting Dodd-Frank’s mission to provide tailored oversight across the system.
The Senate is poised to pass the most substantial bank regulatory relief since the crisis, but any disruption of the post-crisis regime is still eclipsed by how much the bill enshrines Dodd-Frank.
The legislation up for debate in the Senate reduces regulatory burdens for midsized financial institutions, a good step forward in amending the Dodd-Frank Act.
Senate Majority Leader Mitch McConnell, R-Ky., filed a motion on the Senate floor Thursday setting up a potential vote next week on the bipartisan regulatory relief package.
Banking Committee Chairman Mike Crapo said he is hopeful that a bipartisan deal to roll back certain Dodd-Frank Act regulations will soon have a vote on the Senate floor.
House Chief Deputy Whip Patrick McHenry, R-N.C., said House lawmakers are having discussions with the Senate about ways to go further on rolling back Dodd-Frank before the Senate is expected to hold a floor vote.
The clock starts ticking this week on a busy agenda of financial services priorities on Capitol Hill, including passing reforms to Dodd-Frank, overhauling the housing finance system and confirming key regulators.
