Co-author of Dodd-Frank says bill’s foundation will survive

WASHINGTON – Congress is trying to pass a hefty rewrite of a banking law that bears Barney Frank’s name. But the former Massachusetts congressman isn’t worried.

Frank says he’s confident Dodd-Frank will survive Republican efforts to dismantle it. He crafted the bill with a fellow Democrat, former Connecticut Sen. Christopher Dodd, after the financial crisis a decade ago.

The Republican-controlled House has passed legislation to dramatically scale back the government’s oversight role, but it can’t pass the Senate. The Senate bill is decidedly more modest.

Frank says he “can live” with the Senate bill. He notes that the bill won’t touch many of the most important features of Dodd-Frank.

Republican leaders from the two chambers are now trying to work out a compromise and get it to President Donald Trump before November’s midterm elections.