Repealing and Replacing Dodd-Frank
The Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) doesn’t need to be entirely repealed and replaced. Rather, parts of it should be repealed, parts should be replaced, parts should be kept intact, some new parts should be created, and a few parts need to be tweaked.
Among those parts that should be repealed entirely are the Volcker Rule, Financial Stability Oversight Council (FSOC), and derivatives rules.
New financial legislation should create reform of the housing Government Sponsored Enterprises (Fannie Mae and Freddie Mac), narrow banking, and tweak Dodd-Frank’s current plans for the Consumer Financial Protection Bureau and Orderly Liquidation Authority.