President Donald Trump would fail a test on understanding the Dodd-Frank legislation he vowed to repeal and does not have the support in Congress to change it anyway, former Rep. Barney Frank, D-Mass., said Sunday.
"I don't think they're going to get any changes legislatively," the architect of the famed Dodd-Frank banking regulations of President Barack Obama's era told "The Cats Roundtable" on 970 AM in New York.
"I don't think they have 60 votes in the Senate. I don't think they even have 51."
Frank ridiculed President Trump's similar failure to repeal and replace Obamacare in saying, "I don't think you will see any substantial legislative changes in the financial reform bill."
"This is not an area where, I think, if [Trump] were given a test, he would pass," Frank told host John Catsimatidis. "He made an inaccurate statement. He said: 'The problem is that people are not able to get loans.'
"The American Banking Association has made clear there is not a problem with people not getting loans."
Frank did admit "some of the smallest banks are having trouble" and said he would support some tweaks to Dodd-Frank with regard to that, but that is if President Trump can get any movement in his fractured GOP and with the dug-in Democrats.
"I would change the rules that apply to some of the smaller banks ... but other than that, there's no showing there is no lack of loans," Frank told the radio program.
"I am hoping we will get a consensus to make some minor changes in the law that make it easier for the smaller and middle-size banks without weakening the rules against great losses that people can't deal with."
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