Rep. Barney Frank (D-Mass.) is dismissing speculations that the Wall Street reform law he sponsored last year will weaken after his retirement at the end of the current Congressional session.
"Once (Dodd-Frank) is fully implemented – I think it will be in another year – it is much harder for people to get rid of, because I think it will be popular," Frank said, Reuters.com reports. "The easiest chance you get to strangle something is in the early stages."
The law, known as the Dodd-Frank Act, is aimed at curbing excessive risk-taking in the financial industry and has been a target of Republican presidential primary candidates. Each major contender in the race, including Mitt Romney, Michelle Bachmann and Newt Gingrich, has announced support for its repeal.
Frank admitted that the biggest threat to the law would be a Republican president, according to Reuters.com. He also said that Republican efforts to cut back agency funding and hold up nominations were other sticky issues.
Republicans continue to stall on a confirmation vote for Richard Cordray for director of the new Consumer Financial Protection Bureau, a move Frank has criticized.
Frank also condemned Republican efforts to cut funds from the Commodity Futures Trading Commission.
"People who voted not to fund the CFTC, who then criticize it for not doing MF Global, are really being terribly hypocritical," Frank said, referring to the brokerage firm that collapsed on Oct. 31, Retuers.com reports.