Thomas Hoenig, a member of the Federal Deposit Insurance Corporation whose nomination was offered by Senate Republicans, has been a vocal supporter of breaking up large financial institutions, and Richard Fisher, president of the Dallas Fed, has made similar comments. Former Citigroup CEO Sanford Weill, the godfather of the behemoth financial institution, shocked the financial world when he declared in July that some large firms should be split up.
Mark A. Calabria, director of financial regulation studies at the libertarian Cato Institute and a former Senate aide, does not expect Congress to take up the issue in a serious way, saying wrangling over implementation of the 2010 law was more likely to occupy lawmakers’ focus.
“It’s hard for me to see how this happens in an environment where you don’t sort of repeal and replace Dodd-Frank,” Calabria said, adding it remains unlikely no matter who takes power after the November elections.
“Because there are so many rulemakings and so much controversy around Dodd-Frank, it sort of sucks the oxygen out of the room,” he said.
Rep. Elijah Cummings, D-Md., right, hugs Harold Schaitberger, General President of the International Association of Fire Fighters, after the Congressman spoke at the IAFF's Legislative Conference General Session at the Hyatt Regency on Capitol Hill, March 9, 2015. The day featured addresses by members of Congress and Vice President Joe Biden.