Bank regulator calls on Congress to clear bipartisan Dodd-Frank rollback
A top banking regulator called Monday for Congress to pass a bipartisan rollback of strict financial rules passed after the 2008 crisis, but wouldn’t take sides in a power struggle over the bill between the House and Senate.
Comptroller of the Currency Joseph Otting said the House should clear a bipartisan Senate-passed bill to rollback the Dodd-Frank Act. The former bank president said the bill is critical for smaller firms weighed down by the 2010 law.
“This is a monumental change in our ability to influence regulation I don’t think this is the last time for us to get a chance to open this,” Otting said at a Washington summit for community bankers.
“We’ve always said that if we were writing it ourselves, we would probably modify some of the elements. But in its holistic format we’re supportive.”
http://thehill.com/policy/finance/382283-otting-calls-on-congress-to-clear-bipartisan-dodd-frank-rollback
