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Key Republican Casts Doubt on Quick Action to Dismantle Dodd-Frank

  • Banking panel chairman says bill may take 12-24 months to pass
  • Idaho Republican cites confirmation battles in ‘toxic climate’
Bloomberg business news

Sen. Orrin Hatch Says Dodd-Frank Is Worse Than Obamacare

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A key Republican Senator is casting doubt on hopes for quick action to dismantle the Dodd-Frank Act or overhaul the U.S. mortgage-finance system, citing the need for bipartisan support in a Congress that seems to be far from providing it.

The need to confirm President Donald Trump’s nominees, congressional rules on the time lawmakers have to debate legislation and bitter political battles will make it difficult to move any measure, Senate Banking Committee Chairman Mike Crapo said Wednesday. Crapo believes it might take at least 12 to 24 months to advance housing reform legislation, in particular, his spokeswoman said.