Dodd-Frank Reform Bills Scheduled to Pass House
Two bills amending the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) are scheduled to pass the House of Representatives soon. The action may require President Obama to make good on his State of the Union promise to veto any bills unwinding the landmark financial reforms.
Last month the two bills moved out of the House Financial Services Committee, alongside nine other housing and banking bills. The bills sponsored by Representatives Stephen Fincher (R – TN) and Bill Huizenga (R – MI) would loosen ability to repay requirements for certain manufactured housing loans and remove points and fees restrictions respectively. Democratic leaders from the House Financial Services Committee and the Senate Banking Committee, including Representative Maxine Waters (D – CA) and Senator Sherrod Brown (D –OH), have elevated concerns with the entire slate of financial deregulation bills.
If passed, the two Dodd-Frank Act bills will move to the Republican-dominated Senate. In anticipation of the bills passing both houses, the White House has already stated that President Obama would veto them.