After weeks of high expectations for a swift Dodd-Frank rollback with a Republican in the White House, the reality of a hard slog is beginning to set in on Capitol Hill, the Wall Street Journal reported today. The Trump Administration, which has laid out plans to roll back Obama-era financial regulations along with a range of other priorities, now appears to be more focused on other parts of its agenda, such as tax changes. Republican lawmakers who will usher an overhaul through Congress also are showing signs of a more tempered approach. House Financial Services Committee Chairman Jeb Hensarling (R-Texas), in an interview Feb 17, set the timeline for introducing a rewrite of the 2010 Dodd-Frank financial law “in the weeks to come,” though many had been expecting it this month. Around the same time, Sen. Mike Crapo (R., Idaho) offered a cautious outlook to room full of bankers. Hensarling and Crapo also must tackle legislative business that — unlike changing Dodd-Frank — can’t wait until next year. The National Flood Insurance Program expires this fall, portending a repeat of previous fights between the program’s supporters and small-government conservatives who don’t like the federal insurance assistance. Crapo’s panel also hasn’t begun the time-consuming task of confirming Mr. Trump’s nominees to administrative jobs with responsibilities over the financial sector.
