Rep. Kevin McCarthy [R-Calif.], the House Majority Leader who is in line to be the next Speaker of the House, told a conference earlier this week that his side of the Capitol may vote this month on legislation to rewrite the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Published reports are calling the comments “the strongest sign yet” that momentum is picking up to pass a reform bill and overhaul Dodd-Frank, which was enacted following the global financial crisis a decade ago. Dodd-Frank might be most famous for creating the Bureau of Consumer Financial Protection.
“I think you are within a month of getting it … done,” Rep. McCarthy told the Milken economic conference in Beverly Hills, Calif. earlier this week, adding that “there will be a bill” on the president’s desk to be signed by the midterm elections in November.
Last month, the Senate approved a bill that would reduce oversight of small- and medium-sized banks.
