December 8, 2016

PAYBACK’S A… YOU KNOW: Republicans Explore Budget Maneuver to Chip Away at Dodd-Frank.

They are exploring use of a tactic known as reconciliation, a procedural shortcut tied to the budget, which would allow them to make legislative changes to the 2010 regulatory-overhaul law with just a simple majority in the Senate. Republicans are likely to hold 52 seats in the 100-seat chamber, meaning they could pass such changes with just GOP votes.

They would otherwise need 60 votes to get the legislation through the Senate, putting them in the difficult position of needing support from some Democrats, who generally oppose rolling back the landmark law.

Sen. Pat Toomey (R., Pa.) is leading the charge to use reconciliation to pare back pieces of the law, which President-elect Donald Trump has repeatedly said he wanted to scale back or scrap.

“We need to make a number of really substantial reforms to Dodd-Frank,” Mr. Toomey said in an interview Wednesday. While he said he would prefer to make legislative changes with Democrats’ support, he is open to more partisan methods. “I am very much in favor of making sure we have all the tools to do this,” he said.

Republicans are weighing using the tool to chip away at two Dodd-Frank creations in particular: the Consumer Financial Protection Bureau and the Office of Financial Research.

The upcoming session of Congress promises at the least to be wildly entertaining.

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