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GOP Should Go It Alone on Gutting Bank Rules, Senator Says

  • Republicans can’t count on bipartisan support, Toomey says
  • He suggests dismantling Dodd-Frank through budget process
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Republicans can’t count on Democrats backing any major effort to ease banking rules during Donald Trump’s presidency, so it could be time for the GOP to go it alone, a key lawmaker said Thursday.

Making big changes to the Dodd-Frank Act that would rein in the Consumer Financial Protection Bureau or limit regulators’ ability to provide a lifeline to failing banks probably won’t win bipartisan support, U.S. Senator Pat Toomey said Thursday. That’s why Republicans should force through some revisions to the 2010 law through a budget process known as reconciliation that won’t require votes from Democratic senators, the Pennsylvania Republican said.