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Republicans targeting specific parts of the Dodd-Frank Act

Michelle BachmannRepublicans have put their calls to repeal the Dodd-Frank Act aside and are now targeting specific parts of the law.

Because Democrats still have a majority in the Senate and control the White House, it is considered unlikely that the law will be changed in any substantial way before the next elections, according to BankInvestmentConsultant.com.

Rep. Michelle Bachmann (R-Minn.) introduced a repeal bill in January that has little support.

Senate Minority Leader Mitch McConnell (D-Kent.) and Senate Ranking Member of the Banking Committee Richard Shelby (D-Ala.) have sponsored a repeal bill, although both seem more focused on relatively small changes to the law.

House Republicans have been able to use their majority to limit funding to certain agencies that play a key role in implementing Dodd-Frank. They have also been able to move some bills to amend or repeal parts of the reform law although none of these bills take aim at large parts.

One measure that passed the House would delay implementation of Dodd-Frank rules that move the trading of most derivatives onto exchanges, BankInvestmentConsultant.com reports. Another measure would repeal a provision in the law that increases the potential that credit ratings agencies will be held legally liable in securitization deals.

These bills are aimed at tiny provisions in the 2,300 page law.

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