Court challenges threaten to eat away at the 2010 Wall Street reforms.
Bloomberg/BusinessWeek staffer Paul Barrett reports on a series of Wall Street- and Republican-backed efforts to dismantle financial services reform laws enacted by Dodd-Frank, including the legitimacy of the Consumer Financial Protection Bureau. Barrett writes:
The dispute over the CFPB is the latest attempt by business interests to limit the scope of Dodd-Frank. Backed by Wall Street and corporate lobbyists, Republicans in Congress have tried to roll back various provisions of the law. That effort has so far failed, and now the courts have become an alternative venue for the campaign. “The financial industry is using all the tools available to resist the regulation mandated under Dodd-Frank,” says Brian Marshall, policy counsel at Americans for Financial Reform, an advocacy group.
On March 30, in a separate case, a federal trial judge in Washington rejected a major ruling by the Financial Stability Oversight Council, another creation of Dodd-Frank.