Dodd Frank Rollback

There could soon be a breakthrough on getting a Dodd-Frank rollback through the House and onto President Trump‘s desk.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) on Thursday said he could drop his demand to amend a bipartisan Senate bill to loosen strict financial rules if the upper chamber agrees to take up measures from his panel.

Hensarling said Thursday that he’d be willing to end his blockade of a Senate bill to rollback the 2010 Dodd-Frank Act if senators agree to consider legislation produced by his committee in a separate package.

His comments are a small step away from an unequivocal pledge he made last month to not take up the Senate’s bill unless its sponsors agreed to include House bills that passed with almost unanimous support.

“I’m far more wedded to substance than form, so as I’ve told other people, I’m more than happy to attend multiple signing ceremonies,” Hensarling said at an event hosted by the U.S. Chamber of Commerce.

Hensarling’s comments showed a potential way to resolve a battle between the House and Senate over the best way to roll back Dodd-Frank.

What comes next: There is immense pressure on the House to pass the Senate bill as quickly as possible. House Republicans on the Financial Services panel say they realize that time is running out and that banks and credit unions are desperate to see the Senate bill become law.

Hensarling has a bit more leeway to push Senate Democrats to come to terms on a deal, and his minor concession today makes that easier.

A Financial Services panel Republican, granted anonymity to speak candidly about negotiations, told me that the plan “might be viable,” but “I don’t think you get that without pressing, pushing negotiating, cajoling, talking to each individual Democrat like Jeb’s doing.”

“I don’t even think you get that outcome if you don’t argue and press that we have some non-offensive things to add to [the Senate bill,” said the Republican.

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