Tags: Financial Markets | Money | Trump Administration | Dodd-Frank | banking | regulations | repeal

House Republican Dispute Delays Repeal of Dodd-Frank

Image: House Republican Dispute Delays Repeal of Dodd-Frank
Rep. Jeb Hensarling, R-Texas (AP Photo/Bill Clark)

By    |   Tuesday, 23 May 2017 03:15 PM

Rep. Jeb Hensarling, R-Texas, House Financial Services Chairman, is in a dispute with members of his own committee over one sentence in the text of a bill that would scale back Dodd-Frank banking rules, according to Politico.

That dispute has led to delays in the bill, called the Financial Choice Act. The sentence in question would allow banks to increase debit card fees for retailers. The 2010 Dodd-Frank law, which was enacted as a reaction to the 2008 banking crisis, put a limit on those fees, Politico's report said. 

Hensarling on Tuesday urged his colleagues to support the legislation, but opponents of the provision started an attempt to remove the sentence from the bill.

Rep. Dennis Ross, R-Fla., said, per Politico, if the law gets repealed, two companies would be able to dictate routing fees.

Lobbyists for the banking industry want the repeal proposal to stay in the bill, while retailers, restaurants, and airlines want to remove it, according to Politico's report. 

Hensarling, who authored the bill, said he might be open to making the change.

"I stand ready to negotiate at any time, any issues, but at the end of the day, I expect to get Choice off the floor,” Hensarling said, per Politico. 

The debate has put the brakes on a vote regarding the legislation, which had been set for a floor vote before the Memorial Day recess.

"I did think we were going to get this done before Memorial Day," Rep. Scott DesJarlais, R-Tenn., per Politico.

Over in the Senate, Majority Leader Sen. Mitch McConnell, R-Ky., said Democrats, who would be needed to pass a vote, appear to show no interest in revamping Dodd-Frank.

"My impression is the Democrats on the banking committee believe that Dodd-Frank is something akin to the Ten Commandments," McConnell said May 16 in a Bloomberg interview.

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Rep. Jeb Hensarling, R-Texas, House Financial Services Chairman, is in a dispute with members of his own committee over one sentence in the text of a bill that would scale back Dodd-Frank banking rules, according to Politico.
Dodd-Frank, banking, regulations, repeal
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2017-15-23
Tuesday, 23 May 2017 03:15 PM
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