GOP confident Dodd-Frank fix will pass Congress

Republican senators are expressing confidence that Congress will approve a correction to the Wall Street reform law known as Dodd-Frank before they leave Washington.

The insurance industry is pressing for a change to Dodd-Frank that would correct an error lawmakers in both parties say was unintentional.

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Dodd-Frank calls for the Federal Reserve to oversee universal capital standards for banking and insurance companies under language backed by Sen. Susan CollinsSusan Margaret CollinsThe Hill's Morning Report - Presented by Facebook - Biden clarifies his remarks on Russia Effort to overhaul archaic election law wins new momentum Bipartisan lawmakers announce climate adaptation bill MORE (R-Maine).

But the rule, set to go into effect in January, subjects insurers to the same rules written for the banking industry. Collins, Federal Reserve officials and most lawmakers agree that that was an error in the drafting of the bill.

Both the House and Senate have passed separate bills that would correct the error, but the House bill included other financial provisions that wouldn't pass the Democratic-controlled Senate. The Senate bill just addressed the insurance issue.

“It's up to the House at this point,” Collins, who supports the correction bill, told The Hill. “I'm starting to talk to House members about how to insure that it does become laws. It'd be unfortunate if it got bogged down by other unrelated issues.”

She said that it could be part of a larger package to fund the government but added that the “easiest way” would be for lawmakers to take it up separately.

Senate Banking Committee ranking member Mike CrapoMichael (Mike) Dean CrapoThese Senate seats are up for election in 2022 Alabama GOP gears up for fierce Senate primary clash Senate Republicans call on Biden to lift vaccine mandate for truckers crossing Canadian border MORE (R-Idaho) also said he wasn't worried about the bill getting passed by the end of Congress.

“It'll either be wrapped into a larger package or addressed separately,” Crapo said. “But there's widespread support for this. I'm confidence it'll get done.”