The results of the midterm elections, with Republicans increasing their House majority and capturing the Senate, seem like a repudiation of President Obama’s policies. After health care, the administration commonly lists financial reform, the Dodd-Frank Act, as one of its signature achievements. Do the election results signal the end of Dodd-Frank?
It’s worth noting that the coming Republican majorities in both houses and their committee leadership voted against Dodd-Frank. In the House, current Financial Services Committee Chairman Jeb Hensarling retains his leadership position, while in the Senate, my former employer, Sen. Richard C. Shelby, retakes his seat as chairman of the Banking, Housing and Urban Affairs Committee. Both have previously introduced measures to repeal Dodd-Frank and were leaders against its passage. It’s fair to say Dodd-Frank will not have any friends among the leadership of both the House and Senate majorities.
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