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Senate’s latest Dodd-Frank reforms get a bipartisan push, but divide Democrats

Joe Mont | March 13, 2018

The latest effort to—depending on your viewpoint— either undermine or reform the Dodd-Frank Act has a unique twist when compared to the barrage of other efforts: This time there are Democrats on board.

Well, not all Democrats. There are currently about 20 Senators onboard, mostly those who hold office in “red” and “purple” (swing) states. Notable supporters of the Economic Growth, Regulatory Relief and Consumer Protection Act include Sens. Heidi Heitkamp (D-N.D.), Jon Tester D-Mont.), Claire McCaskill (D-Mo.), and Tim Kaine (D-Va.). Kaine, in fact, is a co-sponsor of the bill, originally sponsored by Sen. Mike Crapo (R-Idaho).

The big question: Is this newfound political consensus an omen of more attacks on the post-Financial Crisis legislation? The answer may not emerge immediately, especially while inter-party squabbles rage on.

Bipartisan support for the bill has created a rift among Democrats, one with a line of demarcation that can be bookended by liberal...

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