Bloomberg: Warren Claim Trade Bill Could Undermine Dodd-Frank Is Right
In her quarrel with President Barack Obama over trade legislation, Elizabeth Warren has got the law on her side.
The Massachusetts senator has warned fellow Democrats that a fast-track trade bill now in Congress could undo U.S. laws such as the Dodd-Frank banking regulations later. A number of constitutional scholars and other legal experts say she's right.
The reason: An arcane trade-bill provision that would make it easier for a future president and Congress to undercut existing statutes, even ones with little to do with trade.
The risk to Dodd-Frank is "real and meaningful and worth worrying about," said Michael Barr, Obama's former assistant Treasury secretary for financial institutions and an architect of the financial law. Barr said a hostile president might weaken the law through other means, such as a legislative assault or regulatory maneuvers.
Read the full Bloomberg article here.
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