Any legislation that tries to weaken oversight of big banks, Obama added, “will earn my veto.”RELATED: Is it finally morning in Obama’s America?The president’s move to defend Dodd-Frank this week in a nationally televised address couldn’t have come sooner for Wall Street watchdogs and proponents of robust financial regulations. In recent months, they’ve grown increasingly frustrated by successful attempts to make changes to the law.
Since December, congressional Republicans have twice attached provisions to roll back or tweak parts of Dodd-Frank to legislation that the president ultimately signed into law: the government spending bill and a bill to reauthorize a federal terrorism risk insurance program, known as TRIA.
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“It’s clear that the strategy of Republicans and Wall Street’s friends in Congress is to try to undermine Dodd-Frank using death by a thousand cuts,” said AFL-CIO’s Heather Slavkin Corzo, who has worked on financial regulatory issues. “So to see the president say he won’t allow that strategy to continue was important.”
