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.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.