GOP Lightens Dodd-Frank Reform to Buoy Markets

House Republicans are treading slowly in their efforts to take apart the Dodd-Frank financial reform law. That’s because they want to make sure that financial markets remain stable during the process, Rep. Scott Garrett, R-N.J., tells The Hill. He's chairman of the House Financial Services Committee’s Capital Markets subcommittee.

“Market certainty was so lacking prior to Dodd-Frank, and was just exacerbated by [the law],” Garrett said. “Simply saying that we were going to attempt to repeal the entire bill ... probably would have provided more harm than good.” In addition, the Democratic-controlled Senate likely would have shot down a strong repeal bill.

So Republicans will instead opt for specific changes that have a good chance of passage, Garrett said.