McConnell: “I’m Not Optimistic” on Dodd-Frank Overhaul

May 17, 2017

Senate Majority Leader Mitch McConnell (R-KY) appeared to dampen hopes for a Dodd-Frank Act overhaul, blaming a lack of bipartisan support for such an effort.

“I’d love to do something about Dodd-Frank, particularly with regard to community banks, but that would require Democratic involvement,” said Sen. McConnell in an interview with Bloomberg News. “I’m not optimistic.”

Sen. McConnell added that he discussed potential changes to the 2010 legislation with Sen. Mike Crapo (R-ID), the chairman of the Senate Banking Committee, who stated that Democrats were not interested in doing any legislative rewrites.
“So far, my impression is the Democrats on the banking committee believe that Dodd-Frank is something akin to the Ten Commandments,” Sen. McConnell added.

Sen. Sherrod Brown (D-OH), the ranking member of the Senate Banking Committee, appeared to affirm his Kentucky colleague’s observation in a press statement. “The Senate Republican leader seems to have forgotten the harm Wall Street’s greed and reckless behavior caused to millions of working families and taxpayers,” Brown said. “If this were really about community banks, we might have come to an agreement years ago. Republicans are once again using them as leverage to help a rogue’s gallery of special interests.”

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Phil Hall

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May 17, 2017

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