As President Trump looks to undo Obama-era financial regulations, several members of Congress will be instrumental in determining the final outcome of Dodd-Frank. Here are five of the lawmakers best positioned to shape legislation and set policy:
1.) Rep. Jeb Hensarling
The Texas lawmaker chairs the House Financial Services Committee and is the author of a legislative package that would replace the 2010 Dodd-Frank law. Hensarling is also regarded as a stalwart conservative, skeptical of government regulations but also opposed to bailouts and subsidies for companies. He and Trump agree on the need to dismantle Dodd-Frank, but otherwise it remains to be determined how much they have in common.
2.) Sen. Elizabeth Warren
The Massachusetts senator is the top critic of Wall Street in Congress, or anywhere else. Warren has demonstrated her ability to rally liberals against deregulatory measures, and to wade into House of Representatives affairs to do so if necessary. From her perch on the Senate Banking Committee, Warren will lead the opposition to efforts to undo regulations.
3.) Sen. Sherrod Brown
Brown, the ranking Democrat on the Senate Banking Committee, generally shares Warren’s dim view of Wall Street practices. But he has the added responsibility of having to organize Democrats on the committee, a group that includes several moderates from red states who will be pressured to vote with the GOP. Brown himself is up for reelection in 2018 in Ohio, a state Trump won by 8 percentage points.
4.) Sen. Pat Toomey
Toomey, a Republican on the Senate Banking Committee, is a staunch conservative just off a major re-election victory in Pennsylvania. In December, Toomey rushed to declare that Republicans should seek to reform Dodd-Frank without Democratic help if necessary, making use of the budget reconciliation tool that allows legislation to be passed with only 51 votes in the Senate.
5.) Sen. Mike Crapo
Crapo, the new chairman of the Senate Banking Committee, will be responsible for moving legislation through the Senate, and for finding Democratic votes for measures changing regulations. Known as a lawmaker willing to seek bipartisan deals, Crapo has also said in recent weeks that he hopes to advance legislation to reform the bailed-out mortgage giants Fannie Mae and Freddie Mac. That’s something he also attempted in 2014 on a bipartisan basis, only to see the bill die on the Senate floor.
