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GOP lawmaker: Obama might agree to changing Dodd-Frank

A key House Republican is "hopeful" that President Obama will work with Congress to reform parts of the Dodd-Frank law.

Rep. Scott Garrett (R-N.J.), chairman of the Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises, told The Hill that unlike ObamaCare, the president doesn't have the "affinity" toward Dodd-Frank and is more willing to work on reforming aspects of it.

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Garrett said, "[Obama] has to realize that the tremendous uncertainty in the marketplace cannot be his lasting legacy in office, that he has to try to make some changes before he goes out of office and the first place to do that would be Dodd-Frank reform."

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.