"Two dozen bills in Congress seek to dismantle parts of the Dodd-Frank Act"

[ProSense]

Dodd-Frank Under Fire a Year Later

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Two dozen bills in Congress seek to dismantle parts of the Dodd-Frank Act, which President Obama signed a year ago Thursday. Business groups have argued that too many new regulations could snuff out the start of an economic recovery.

President Obama says he believes the battle is far from over.

“The financial crisis and the recession were not the result of normal economic cycles or just a run of bad luck,” the president said Monday as he nominated a new director for the Consumer Financial Protection Bureau, a centerpiece of the Dodd-Frank Act. “There were abuses and there was a lack of smart regulations. So we’re not just going to shrug our shoulders and hope it doesn’t happen again.”

Mr. Obama’s pick for the new bureau is Richard Cordray, a former Ohio attorney general.

It is not yet clear, however, that the forces fighting to preserve all the elements of Dodd-Frank will, in fact, win out. It is also not clear that Mr. Cordray will be confirmed by the Senate.

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Report: Wall Street’s Opposition to Dodd-Frank Reforms Echoes Its Resistance to New Deal Financial Safeguards