Sen. Richard Shelby (R-Ala.) presented two bills on Tuesday that are intended to make changes to the Dodd-Frank Act under the premise that Democrats and Republicans can come together and make changes to the legislation.
“Dodd-Frank supporters have resisted any changes for over two years,” Shelby said, according to The Hill. “Certainly we can agree to correct purely technical errors.”
The first measure would correct drafting errors in Dodd-Frank, while the second measure would require regulators to consistently conduct cost-benefit analyses of new rules and block them from implementing regulations that result in more costs than benefits.
While most Democrats have resisted calls to make changes to the legislation, Sen. Mark Warner (D-Va.), among others, said that he would be willing to make technical corrections to Dodd-Frank, The Hill reports.
The U.S. Chamber of Commerce, which has been an outspoken critic of Dodd-Frank, has endorsed the bill.
“Businesses across the country are dealing with an avalanche of regulations from Dodd-Frank,” Shelby said, according to American Banker. “ The bottom-line principle of the Financial Regulatory Responsibility act is unambiguous: If a regulation’s costs outweigh its benefits, it should be thrown out. By providing a clear, rigorous and consistent process for regulators in making that determination, this legislation will eliminate unnecessary burdens on our economy.”