Dodd-Frank Foes Chip Away at Financial Reform

Friday, 08 Apr 2011 02:33 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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."



© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Joni Ernst:'No Second Thoughts' on Turning Down Editorial Board

Thursday, 30 Oct 2014 13:29 PM

Iowa Republican candidate for the Senate Joni Ernst said she has "no second thoughts" about her recent decision not to m . . .

Big GOP Win in Midterms Could Lead to Turmoil in Party

Thursday, 30 Oct 2014 13:15 PM

Conservatives are pushing House and Senate GOP leaders to play hardball with President Barack Obama after Election Day i . . .

Media Watchdog: ABC, CBS, NBC Take a Powder on Midterms

Thursday, 30 Oct 2014 13:10 PM

The mainstream media is "trying not to cover the midterms," in light of the recent news that some major media outlets ar . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved