A key House Republican is "hopeful" that President Obama will work with Congress to reform parts of the Dodd-Frank law, The Hill reported yesterday. Rep. Scott Garrett (R-N.J.), chairman of the Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises, said that the president doesn't have the "affinity" toward Dodd-Frank and is more willing to work on reforming aspects of it. Lawmakers on both sides of the aisle have recently supported reforms to the law that was enacted to prevent against future banking crises in the aftermath of the 2008 financial meltdown. The House Financial Services Committee has passed a number of bills that would reform aspects of Dodd-Frank including the derivative rules and swaps provisions, among others.
