House Panel Starts Push to Revamp Dodd-Frank on 15th Anniversary

The U.S. House Financial Services Committee opened a hearing on 15 July to mark the 15th anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signalling Republicans’ intent to reshape oversight of banks and consumer-finance watchdogs. Chairman Rep. French Hill said the 2010 law "was sold as a sweeping fix" after the global financial crisis but "has not delivered as promised for Main Street." Testimony from industry representatives and public-interest advocates offered sharply diverging views on whether post-crisis safeguards have restrained lending or protected consumers. Lawmakers are weighing more than two dozen bills that would narrow or repeal parts of Dodd-Frank, including measures to exempt small lenders from new data-reporting rules, convert the Consumer Financial Protection Bureau into a bipartisan commission, curb the Financial Stability Oversight Council’s powers and require regulators to quantify the cumulative impact of their rules. Witnesses included Ken Bentsen of the Securities Industry and Financial Markets Association, Consumer Bankers Association chief Lindsey Johnson, Investment Company Institute policy head Tom Quaadman, American Enterprise Institute senior fellow Paul Kupiec and Better Markets president Dennis Kelleher. The committee is expected to refine the legislative package before potential mark-ups later this year.