Dodd-Frank Foes Chip Away at Financial Reform

Friday, 08 Apr 2011 02:33 PM

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Critics of the Dodd-Frank financial overhaul don’t have enough votes in Congress to repeal the entire law but they do have support, even from Democrats, to change or excise some of the provisions they really dislike, The Wall Street Journal reports.

finance, reform, billOne proposed fix introduced by Democratic Sen. Jon Tester of Montana looks increasingly popular: a lifting of the cap on so-called “swipe fees” fees that banks charge retailers when costumers use debit cards for purchases.

Rep. Barney Frank, the Massachusetts Democrat whose name appears on the law, recently said the debit-card fee cap needs rethinking.

Another amendment to Dodd-Frank would exempt private-equity fund advisers having to register with the Securities and Exchange Commission. Still another would de-regulate certain types of financial derivatives.

The question is how far the Senate’s Democratic majority will let these revisions extend.

Senate Banking Committee Chairman Tim Johnson, South Dakota Democrat, said in a written statement that he is “open to the idea of improving Wall Street Reform by making technical corrections and fixing unintended consequences” but added that he wouldn't “open up the door to mischievous proposals aimed at tearing apart this important new law."



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