by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Joseph Lawler reports for the Washington Examiner on prospects for reform of the Obama era’s controversial financial regulations.
The financial industry is bracing for a House Republican bill to replace President Obama’s financial reform law this month, seeing opportunity in the effort even thought it has no chance of passage this year with Obama in office and the political environment hostile to Wall Street.
Jeb Hensarling, the chairman of the House Financial Services Committee, will introduce the measure on June 7 in an address at the Economic Club of New York.
Industry lobbyists and representatives surveyed by the Washington Examiner suggested that a comprehensive replacement for the 2010 Dodd-Frank financial reform law is worth pursuing because it could yield quick relief from post-crisis bank rules if a Republican president is elected, or, failing that, could advance in smaller, targeted parts helpful to banks.
The bill will be “an agenda-setting document for 2017,” said James Ballentine, the leader of lobbying for the American Bankers Association, adding that “just because you introduce something as a package doesn’t mean it stays that way.”