Now Republicans want to undo the regulations that helped consumers and stabilized banking

With the debacle of health care reform in the rearview window, conservatives in Congress and the White House are turning their sights on President Barack Obama’s financial regulations. All indications are that the GOP is more unified in how they want to go about “repealing and replacing” these regulations — most of which were passed as part of the Dodd-Frank Act in 2010.

For the past six years, these reforms have provided key protections to consumers and stability to the banking system by protecting consumers. They’ve made banks more resilient and created stability in the capital markets.

Expect Republicans, as in the case of the health care bill, to attack the regulations by way of the budget: specifically, through the “budget reconciliation” process that eliminates the threat of a Democratic filibuster.

Contrary to many headlines, the executive orders President Donald Trump has released so far related to banking regulations do little more than call for reviews. Reviews are the sort of thing a well-run administration would normally have quietly done during the transition. True, Trump can do damage to financial reform when he appoints regulators hostile to enforcing the law. But undoing the regulations won’t be as simple as flipping a switch, or swapping out one set of political appointees for another. There would have been no point in passing something like Dodd-Frank if a Republican president could overturn it by fiat.

http://www.vox.com/the-big-idea/2017/4/3/15143230/financial-regulations-dodd-frank-repeal-funding-consumer-protection