Key Republican lawmakers are eyeing a special budgetary to pass repeal the Dodd-Frank Act in the Senate on a simple majority vote, bypassing Democrats, The Hill reported today. Sen. Richard Shelby (R-Ala.), a senior member of the Senate Banking Committee, says that the budgetary process known as reconciliation, which can be used to circumvent the filibuster, should be considered as a tool to roll back burdensome Obama-era regulations on the financial sector. Senate Democratic Leader Charles Schumer (N.Y.) in November said that he had enough votes to block any Republican efforts to repeal key parts of the Wall Street reform law, known as Dodd-Frank. But it would be considerably harder for Schumer to stand in the way if Republicans use reconciliation to repeal the parts of Dodd-Frank that affect government spending and revenues.
