Banking Committee Will Work to Protect Financial Reform Law

The steep uphill climb “faced by Republicans in trying to roll back last year’s Dodd-Frank law was made clear on Monday by a memo from the Senate Banking Committee pledging to protect financial reforms,” Reuters reports.

The agenda memo, obtained by Reuters, showed the Senate committee, still under the control of Democrats, will examine much the same issues being targeted by its counterpart panel in the Republican-controlled House — but with different goals.

Oversight of Dodd-Frank by the Senate panel will focus on assuring that "the letter and the spirit of the law are being implemented by the regulatory agencies," the memo said.

The Senate panel will seek to ensure that public comment is being considered; that the new law is being enforced; that legitimate concerns regarding the act are considered; and that "regulators have adequate resources to perform their work and are using the resources efficiently," it said.

The other top items “on the to-do list of the Senate committee, under its Democratic Chairman Tim Johnson, are housing finance reform and oversight of the 2008-2009 federal bailouts, said the memo dated February 2.”

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Filed under Banks, Committees, Wall Street

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