(Bloomberg) -- Senate Majority Leader Mitch McConnell said he’spessimistic Congress will overhaul the Dodd-Frank Act because he doubts Republicanscan secure enough Democratic votes to make major changes tothe sweeping legislation that tightened oversight of banks afterthe financial crisis.
“I’d love to do something about Dodd-Frank, particularly withregard to community banks but that would require Democraticinvolvement,” Kentucky’s McConnell told Bloomberg News in aninterview Tuesday. “I’m not optimistic.”
McConnell said the 2010 banking law has had unintendedconsequences that have hurt the nation’s smallest banks, a commonrefrain of Republican lawmakers. Any effort to revampDodd-Frank would probably have to go through the Senate BankingCommittee, which is led by Mike Crapo. While McConnell said he hasdiscussed the legislation with Crapo, the Idaho Republican hasindicated that there isn’t much Democratic interest in revisitingit.
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