The Hill Reports Bill to Weaken CFPB Could be Marked Up in April While Politico Makes it Seem As it Might Not Move

Here is The Hill's Report. Excerpt:

Republicans on the House Financial Services Committee are eyeing April markups for Dodd-Frank legislation, meaning Democrats have just about a month to settle on a strategy to defend the CFPB.

Some Democrats think working with Republicans on some changes to the CFPB could be sound policy.

Several House Financial Services Committee Democrats say backing a coalition, for example, could protect the agency from withering under a Trump appointee.

“I’ve been warning my party for a long time that at some point you’re going to have a Republican president,” said Rep. Brad Sherman (D-Calif.). “I prefer a bipartisan commission.”

And here is Politico's:

What did the health care meltdown mean for Republicans’ hopes of dismantling President Barack Obama’s other legislative legacy, Dodd-Frank?

It certainly didn't help. While tax reform appears to be moving to the frontburner, sources on the Hill and downtown saw no similar opening for “doing a big number” on Democrats’ landmark Wall Street legislation, as President Donald Trump once promised.

If anything, sources said Friday's episode underscored the risk that Republicans haven’t fully identified their internal political fault lines, including when it comes to undoing Dodd-Frank, and that Democrats will be emboldened to fight back.

So don't expect House Financial Services Chairman Jeb Hensarling's Dodd-Frank alternative, known as the Financial CHOICE Act, to hit the House floor in the near future, unless Trump or his team — which includes a small army of Goldman Sachs alums — take a strong interest. Treasury Secretary Steven Mnuchin is conducting a wide-ranging review of financial regulations for a report that’s not due until June.

“If Dodd-Frank reform is a big priority for the White House and Steven Mnuchin, you could see it potentially move up the sequence of events. But, short of that, I don’t really know if it changes that much,” an aide to a senior House Republican said. “We’d have to get a lot of people up to speed [on the Financial CHOICE Act] who aren't really up to speed on it.”


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