Since lawmakers passed a landmark overhaul of American financial regulation in 2010, congressional Democrats and the Obama administration have successfully fought changes to the law, known as Dodd-Frank. Among the proposed changes, Republicans have sought to restructure the Consumer Financial Protection Bureau or ease the regulatory burden on mid-sized banks, which have struggled to differentiate themselves from Wall Street behemoths.
In those five years, Republicans have never had such clear opportunities to pass bills with provisions that President Barack Obama clearly doesn’t like — but that he might sign anyway, just for the sake of ending budgetary wrangles that have paralyzed Washington. That’s why groups that fought for Dodd-Frank are on high alert, trying to stop Democrats from defecting and keeping Republicans isolated.
“In spite of the importance of these reforms, and their broad popularity, some members of Congress are nonetheless attempting to use the appropriations process to roll them back, putting the public interest at risk to deliver a wish list to narrow Wall Street interests,” Americans for Financial Reform, an umbrella organization of labor unions, civil rights groups and consumer advocates, wrote lawmakers on Oct. 28.