President Barack Obama’s defeat of Mitt Romney has ended any near-term hopes of repealing Dodd-Frank, so Republicans have shifted their focus toward reshaping the law.
“We’re finished with the election. There will be no repeal,” said Aaron Klein, a former Democratic staffer on the Banking Committee who now manages the Bipartisan Policy Center’s financial reform initiative. “The debate over the framework is over for the moment, and now the debate is over how to improve it. Even if you have disagreements with the framework, you can hold them while you work together to make it better.”