Sen. Mark Warner (D-Va.) said on Thursday that he hopes the next session of Congress will be able to assemble a technical corrections bill to the Dodd-Frank Act, though many legislators have called for its repeal.
The Republican-controlled House of Representatives has attempted to push through several pieces of legislation that would alter or repeal certain Dodd-Frank provisions, though the efforts have primarily been on a partisan basis. The Democrat-controlled Senate has moved to block down any efforts to alter the legislation, The Hill reports.
“The political context is such that it is either repeal or nothing, which is an absurd way to approach any major legislative activity,” Warner, also a member of the Senate Banking Committee, said, according to The Hill. “Congress never gets it right, when you’re looking at massive reform legislation, the first time through. You directionally head in an area and then you come back, two years, three years hence to do a corrections legislation.”
Some Republicans have pushed for the law’s repeal, saying that the legislation is overly burdensome for financial markets. Warner, however, said that while he has issues with the law as it is currently written, eliminating the legislation could cause turmoil for the financial industry.
“I don’t know what financial world [those calling for repeal] are living in,” Warner said, The Hill reports. “Nothing would be more disruptive to the markets.”