Mulvaney backs House efforts to amend Senate Dodd-Frank rollback

Mulvaney backs House efforts to amend Senate Dodd-Frank rollback
© Greg Nash

White House budget director Mick MulvaneyJohn (Mick) Michael MulvaneyProtect the Military Lending Act On The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills Warren suggests Mulvaney broke law by speaking to GOP donors MORE on Wednesday endorsed House Republican efforts to seek changes to a bipartisan bill rolling back strict banking rules passed after the 2008 financial crisis.

Mulvaney, who is also the acting director of the Consumer Financial Protection Bureau (CFPB), praised the Senate for passing a bill to loosen parts of the Dodd-Frank Act. But he urged senators to add several measures produced by the House to the bill amid a power struggle between the chambers.

“I think that is the best formula for arriving to the best result,” said Mulvaney, testifying before the House Financial Services Committee. “Why can’t we add to the Senate bill?”

The Senate last month passed a bipartisan bill to exempt dozens of banks from some of the strictest parts of Dodd-Frank. The measure from Senate Banking Committee Chairman Mike CrapoMichael (Mike) Dean CrapoHillicon Valley: Trump signs off on sanctions for election meddlers | Russian hacker pleads guilty over botnet | Reddit bans QAnon forum | FCC delays review of T-Mobile, Sprint merger | EU approves controversial copyright law Trump authorizes sanctions against foreign governments that interfere in US elections Cruz gets help from Senate GOP in face of serious challenge from O’Rourke MORE (R-Idaho) passed 67-31 and is the most sweeping change to the 2010 law to receive support from Democrats.

But Speaker Paul RyanPaul Davis RyanHow does the 25th Amendment work? Sinema, Fitzpatrick call for long-term extension of Violence Against Women Act GOP super PAC drops .5 million on Nevada ad campaign MORE (R-Wis.) vowed to freeze the bill until senators backing the measure agree to include bills produced by the Financial Services panel that earned wide bipartisan support in the House.

Senate Democrats have refused to amend the bill and insist that additions could doom the measure in the Senate. Democrats would be able to block any bill that doesn’t receive support from at least seven of their own members.

Mulvaney, a former member of the Financial Services Committee involved in GOP efforts to strip Dodd-Frank, called on the Senate to negotiate with the panel’s chairman, Rep. Jeb HensarlingThomas (Jeb) Jeb HensarlingMidterms to shake up top posts on House finance panel Kavanaugh hires attorney amid sexual assault allegations: report Did Congress just settle for less than best plan to reform housing finance? MORE (R-Texas).

“It makes complete sense to continue that debate,” Mulvaney said, calling the Senate bill “a great fallback” that should target “as much of Dodd-Frank, especially the parts pertaining to the [CFPB], as you possibly can.”

Mulvaney’s comments are the most direct endorsement of Hensarling’s efforts to amend the Senate bill from a White House official. The White House has previously said President TrumpDonald John TrumpHannity urges Trump not to fire 'anybody' after Rosenstein report Ben Carson appears to tie allegation against Kavanaugh to socialist plot Five takeaways from Cruz, O'Rourke's fiery first debate MORE would sign the bill, and called on lawmakers to strike a deal as soon as possible.

Trump himself said last week that a bill to loosen Dodd-Frank "should be done fairly quickly," but didn’t weigh in on the talks between the Senate and House.

“We’re actually getting — you won’t believe this — bipartisan support,” Trump said.

Another Trump-appointed financial regulator was more reserved in his comments on the Senate bill.

Comptroller of the Currency Joseph Otting said Monday the House should clear the Senate-passed bill, but did not take sides in the struggle between the chambers.

“There needs to be some dialogue between the Senate and the House if there are other provisions that are included in that,” Otting told reporters. “Congressman Hensarling has a lot of active voices about things that should be included in that, and I just hope they can get to resolution on something that can go to the floor.”