House Votes To Repeal Key Portions of Dodd-Frank


the word "reform" in lead letters written

The Vote For The Dodd-Frank Reform Was:

  • 233 Republicans Yea,
  • 185 Democrats Nay
  • 1 Republican Nay.

It now moves to the Senate where it will face more opposition and discussions. Should be interesting. McConnell and Warren; Schumer and Hatch; Waters and Republicans.

Understand That It Is Not Being Abolished

The key reforms of the House Bill include repealing the trading restrictions of the Volcker Rule, scrapping the liquidation authority in favor of enhanced bankruptcy provisions, and several changes to the Consumer Financial Protection Bureau.

Changes To The Dodd-Frank Act Include:

The Director can be removed by the President for any reason, their funding would change to Congress, not Federal Reserve, no regulations on pay-day and car-title loans, etc. This bill has been pushed by Rep. Jeb Hensarling (R-Texas).

For followers of this intrigue Jeb is a protégé of Phil Gramm of Gramm-Leach-Bliley fame.

Interesting Points:

I saw an interview the other day where Barney Frank said, in essence, that he is a good guy.

Also, the House Republicans are threatening Director Richard Cordray with a contempt of Congress ruling for what they say is a failure to provide complete files on the Wells Fargo debacle. If this was a movie, we would not believe it.

There Are Some New Requirement Levels For Banks To Avoid Strict Regulatory Oversight

This new benchmark is 10% of assets compared to the current three. The banks do not like this.

Another Quote By Mitch McConnell:

“I am not optimistic about making changes to Dodd-Frank.”

Due to the nature of this topic, passage of major changes to Dodd-Frank will require 60 votes in the Senate. Then, it must go to the president.

6 Responses to House Votes To Repeal Key Portions of Dodd-Frank

  1. marjorie muir June 17, 2017 at 12:46 pm #

    do you have an on-line Ethics course? It would be nice if you do..
    thank you a past student…Marjorie Muir 951 440-0114

    I am over 70 understand I can renew my license for another 4-years
    and I need only the Ethics course.? Yes? thank you, as always

  2. Lore Lingner June 18, 2017 at 1:55 pm #

    Duane, Thanks for the update. Some people think the whole thing is being abolished.

    • Duane Gomer June 19, 2017 at 3:39 pm #

      Thank you for taking the time to write comments. It is appreciated to know at least one person is reading my efforts. Yes, lots of confusion over these acts when they were written and now when they are being changed.

  3. Dixie Cole June 24, 2017 at 10:49 am #

    I was told that having been in the real estate for over 30 years and will be turning 70 I don’t need to take the 45 hours I will be exempt. My license expires in Sept. Want to make sure so I don’t have a lapse.

    • Customer Service June 26, 2017 at 11:22 am #

      Hi Dixie,

      Yes, you are correct. This is called the 70/30 rule. You will need to fill out an application for their Continuing Education Exemption Request form and submit it with your license renewal application. For more information and for the application, please visit the CalBRE’s website here:

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