WASHINGTON (Reuters) – Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said on Monday.
Richard Shelby, the top Republican on the powerful Senate Banking Committee, said lawmakers must revisit the legislation enacted this summer, which is the broadest overhaul of financial rules since the Great Depression.
“The bill is so sweeping and such a game changer in many ways that it's incumbent upon us to revisit it,” Shelby said at the Reuters Washington Summit.
The bill, one of the Obama administration's legislative victories, will impose new restrictions on every aspect of Wall Street.
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