Republican presidential hopeful Mitt Romney vowed to repeal the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, but opponents of the legislation maintain that is unlikely.
Wall Street groups have lobbied Congress against Dodd-Frank and some of its controversial provisions, though many work under the assumption that the legislation is permanent.
“There seems to be a narrative that derivatives and proprietary trading are the riskiest,” a financial services industry lobbyist said, according to The Washington Post. “This is a solution in search of a problem. But the battle [over deciding the narrative] has been lost, to a significant degree.”
James Gattuso, a senior research fellow at the Heritage Foundation, said that incremental changes are more favorable.
“It’s a false dichotomy to say we have a choice of taking [Dodd-Frank] as it is, or doing nothing,” Gattuso said, according to The Washington Post. “Reforms are necessary — the financial crisis showed us that too big to fail needs to be dealt with.”
Congressional Republicans have also voiced doubt regarding the repeal of Dodd-Frank.
“I’m a realist, we’re not going to have a full repeal,” Rep. Sean Duffy (R-Wis.) said, Politico reports. “There’s not a movement to repeal and replace Dodd-Frank. There’s a movement to fix it.”
Sen. Bob Corker (R-Tenn.) of the Senate Banking Committee echoed those sentiments.
“At this point, we’re so far into it, I realize that the best approach is to try to deal with peeling away so many provisions that should never have been there in the first place,” Corker said, according to Politico.