Politics

Dems Write Letter Slamming Republican Plan To Roll Back Dodd-Frank

No featured image available

In a letter written to congressional leadership Thursday, Rep. Maxine Waters and Sen. Sherrod Brown came out against Sen. Richard Shelby’s efforts to roll back the financial regulations put in place by Dodd-Frank by attaching it to upcoming budget legislation.

The Alabama Republican’s proposal, which passed Senate Committee on Appropriations along party lines, would exempt more community banks from the regulations put in place by the 2011 Wall Street reform law.

The Democrats said they opposed the measure, claiming the regulations are necessary to prevent another financial crisis.

“While we are opposed to the inclusion of all inappropriate and ideological policy riders to funding legislation, as the ranking Members of the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services, we are specifically concerned about ones designed to repeal, undermine, or delay provisions of Wall Street reform,” Waters and Brown wrote. “We hope that Congress does not make the same mistake this year by including riders that weaken Wall Street Reform in end-of-the-year funding legislation.”

At an event at the Heritage Foundation in July, Shelby called Dodd-Frank a failure, saying it has “encouraged the biggest banks to become larger and more concentrated.”

Congress has until Dec. 11 to pass a budget after narrowly avoiding a government shutdown by passing a continuing resolution in September and until Nov. 3 to strike a deal to raise the debt ceiling.

Follow Juliegrace Brufke on Twitter