After Rep. Barney Frank’s (D-Mass.) retirement, Democrats will have to battle Republicans who are set on repealing last year’s Dodd-Frank Act and loosening the new regulations on the financial industry.
“There was no greater champion for Wall Street reform than Barney Frank,” Michael Greenberger, a former official at the Commodity Futures Trading Commission, said, WashingtonPost.com reports.
Frank’s retirement places Rep. Maxine Waters (D-Calif.) in the Democratic leadership seat on the House Financial Services Committee.
Waters did not play a significant role in developing Dodd-Frank and she is currently under investigation by the House Ethics Committee for intervening on behalf of a bank requesting bailout funds in 2008, according to WashingtonPost.com.
Frank’s co-author of Dodd-Frank, former Sen. Christopher Dodd (D-Conn.), retired before the last election cycle.
A Democratic staffer who spoke on condition of anonymity said the retirements symbolize a loss of institutional memory and knowledge – both of which are essential for defending the legislation that is under attack by Republicans, WashingtonPost.com reports.
Remaining Congressional members who hold power over the Dodd-Frank rule include Senate Majority Whip Dick Durbin (D-Ill.), Sen. Jeff Merkley (D-Ore.) and Sen. Jack Reed (D-R.I.).
Rep. Rosa DeLauro (D-Conn) has worked to prevent the law from being defunded and the Democratic House leadership will also work to defend the legislation.