Top Financial Services Republican presses regulators on Dodd-Frank rollbacks

Top Financial Services Republican presses regulators on Dodd-Frank rollbacks
© Greg Nash

The top Republican on the House Financial Services Committee on Friday pressed federal regulators for updates on their efforts to finalize rule rollbacks signed by President TrumpDonald John Trump2020 Democrats spar over socialism ahead of first debate Senate passes .5 billion border bill, setting up fight with House 'Teflon Don' avoids the scorn of the 'family values' GOP — again MORE in 2018. 

Rep. Patrick McHenryPatrick Timothy McHenryHillicon Valley: Senate bill would force companies to disclose value of user data | Waters to hold hearing on Facebook cryptocurrency | GOP divided on election security bills | US tracking Russian, Iranian social media campaigns House panel to hold hearing on Facebook cryptocurrency project Hillicon Valley: Facebook unveils new cryptocurrency | Waters wants company to halt plans | Democrats look to force votes on election security | Advertisers partner with tech giants on 'digital safety' | House GOP unveils cyber agenda MORE (R-N.C.), asked the chiefs of five federal financial regulatory agencies for status updates on their implementation of a bipartisan law passed to loosen Dodd-Frank regulations.

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Republicans have pressured the Federal Reserve Board, Consumer Financial Protection Bureau (CFPB), Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) to pick up the pace on implementing the 2018 law.

GOP lawmakers who’ve long been critical of Dodd-Frank had expressed frustration at the lengthy process of finalizing the 2018 law’s changes to the sweeping reform law that had been signed by former President Obama in 2010.

The measure was fiercely opposed by most Democratic lawmakers and a broad coalition of progressive political groups and financial regulatory advocates.

In letters to the leaders of those five agencies, McHenry said, “Congress expects swift action” and asked how long it would take for the regulators to finish the rollbacks.

“Completion of these targeted regulations will collectively promote greater economic growth and competition in our marketplaces ultimately benefiting consumers, McHenry wrote.

The five agencies responsible for bank regulation have a slew of rule revisions to finalize in order to fully implement the 2018 rollback law.

McHenry asked the Fed, FDIC and OCC to an update on several measures to loosen capital and liquidity rules for banks targeted for relief by the 2018 rollback, along with a revision of the so-called Volcker Rule on certain risky investments.

McHenry also asked the CFPB for a broader update on its efforts to revise mortgage disclosure and data collection rules, and the SEC for information on several rollbacks intended to boost initial public offerings and ease other regulatory hassles.

"Congress made clear its intent that right sizing overly burdensome regulations is to be a priority among your respective agencies," McHenry wrote.