President Donald Trump’s pledge to dismantle the Dodd-Frank financial overhaul is colliding with the same reality as his pledge to gut Obamacare: The Republican majority in Congress can’t decide how to make it happen and Democrats are vowing to fight.
* * * On the House side, there’s no agreement on a plan to replace either Obamacare or Dodd-Frank. Even if they reach one soon, it’s almost certain to go beyond what Senate Republicans are likely to accept, and it won’t be able to attract Democratic votes. * * *
Even if Hensarling gets the bulk of his bill through the House, it won’t receive significant consideration when it reaches the Senate, according to Ed Mills, a financial policy analyst FBR Capital Markets. * * *
The new Senate Banking chairman, Mike Crapo of Idaho, hasn’t yet outlined his own plan, but the Republican prides himself as a dealmaker and wants to work with Democrats. He said he is collaborating with the administration, House and members on the committee to devise a plan. * * *
Senate Republicans would need to woo at least eight Democrats to join them on a bipartisan Dodd-Frank overhaul, but they don’t even have a starting point for any negotiations. * * *