Rep. Blaine Luetkemeyer, the chairman of the House financial institutions subcommittee, said Wednesday that he plans to reintroduce a bill that would change the way banks are designated as systemically important.
Senate Banking Committee Chairman Mike Crapo said Wednesday that although he plans to begin working on housing finance reform and changes to the Dodd-Frank Act, the poor relationship between Democrats and Republicans will hinder any progress.
Purported revisions to House Republicans' Dodd-Frank rollback bill raised immediate questions about the GOP's strategy, since the provisions — which were more extreme than when the bill was unveiled last year — promptly sparked Democratic opposition.
A House plan to provide regulatory relief will be more far-reaching when it is reintroduced soon by rendering the consumer protection agency toothless and providing banks with extra incentives to opt into a deregulatory plan.
Democrats may not be able to score many legislative wins in this Congress, but they appear set on slowing the process down to a snail's pace, particularly when it comes to financial appointments and rollback of the Dodd-Frank Act.
The prospects for significant reform of the Dodd-Frank Act appear to be cratering as the political dynamic on Capitol Hill has quickly deteriorated in the wake of controversial executive orders by President Donald J. Trump.