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A4 U.S. NEWS
Thursday 3 May 2018

Co-author of Dodd-Frank says bill's foundation will survive

By KEVIN FREKING crafted alongside Sen. threshold, $50 billion, "re-
WASHINGTON (AP) — Presi- Christopher Dodd, D- ally was too low." He said
dent Donald Trump vowed Conn., boosted govern- he prefers $125 billion and
to do a "big number on" ment oversight of banks indexed to grow with infla-
the banking law enacted in a bid to reduce risk and tion. The Senate bill moves
after the financial crisis a prevent another financial the threshold to $250 billion.
decade ago, but the law's meltdown like the one Frank said that's a mistake
co-author and namesake in 2008. At the urging of "but not a terrible one."
says he's confident that the banks, credit unions and "I would have liked a bigger
essence of Dodd-Frank will other financial institutions, margin of error," he said.
survive Republican efforts Congress is seeking easing Frank now serves on the
to dismantle it. some of the regulatory re- board of directors at Signa-
"It's much better than quirements the bill created. ture Bank, which has offices
where I thought we would The chief feature of the in New York and Connecti-
be," former Democratic In this Dec. 12, 2012, file photo, Rep. Barney Frank, D-Mass., Senate bill is that it would cut and which has advo-
Rep. Barney Frank of Mas- speaks about his impending retirement during an interview with shrink the number of banks cated moving the thresh-
sachusetts said recently. The Associated Press on Capitol Hill in Washington. that received extra govern- old to at least $100 billion.
Sitting outside the House Associated Press ment monitoring because The bank argues that it
chambers recently doing they are deemed so impor- should not be subject to
a crossword puzzle, Frank in the Senate. The Senate tions. tant to the economy. The the same standards as a
sounded rather pleased bill, a bipartisan measure, To be clear, Frank said he bill raises the asset threshold “truly complex, systemically
that whatever happens this is decidedly more mod- would have voted against at which banks must com- important trillion-dollar fi-
year, the Dodd-Frank act est. Republican leaders both versions. But he con- ply with stricter capital and nancial institution.”
will live on. The Republican- from the two chambers are siders the Senate bill an "af- planning requirements, in- Frank said what the Senate
controlled House passed now trying to work out a firmation" of most of Dodd- cluding yearly stress tests bill doesn’t do is why Dodd-
legislation to dramatically compromise that can pass Frank. and developing "living wills" Frank will live on. The bureau
scale back the govern- both chambers and get to "Given the choice, I can for an orderly liquidation in has returned about $12 bil-
ment's oversight role, but it the president's desk before live with it," Frank said. times of crisis. lion to people wronged by
has no chance of passage November's midterm elec- Dodd-Frank, which Frank Frank said the current financial institutions.q

Republican House members seek Nobel Peace Prize for Trump

working out the details of a made the suggestion in a support for Trump has be-
historic summit that could letter Wednesday sent to come a litmus test for Re-
take place by the end of members of the Norwegian publican voters. The law-
May or early June. Yet an Nobel Committee. It was makers who signed the
agreement by which the signed by 18 Republicans. letter are among the most
North would give up its nu- The letter said that North conservative in the House.
clear weapons and allow Korea has long ignored The group includes several
for the world to confirm it international demands other lawmakers who are
still seems far off. to cease its aggressions also running for governor
The United States has but that Trump's "peace or senator in Republican-
reached aid-for-disarma- through strength policies leaning or strongly GOP
ment deals with North Ko- are working" and bringing states. Among them: Rep.
rea before, but they've ul- North Korea to the negoti- Marsha Blackburn, who is
timately failed. ating table. running for a Senate seat
Recent comments from the It said the Trump adminis- in Tennessee; Rep. Kevin
leaders of the two Koreas tration united China and Cramer, who is running for
In this April 30, 2018, photo, Rep. Luke Messer, R-Ind., speaks have raised hopes. Trump's others in imposing strict the Senate in North Dako-
during the Indiana Republican Senate primary debate in India- supporters on Capitol Hill sanctions. "The sanctions ta; Rep. Evan Jenkins, who
napolis. are pushing the idea that have decimated the North is running for the Senate in
Associated Press he deserves a Nobel, and Korean economy and West Virginia; and Jim Re-
Trump clearly enjoyed it have been largely credited nacci, who is running for
By KEVIN FREKING Donald Trump because of Saturday when supporters for bringing North Korea to a U.S. Senate seat in Ohio.
WASHINGTON (AP) — A his work to ease nuclear at a Michigan rally began the negotiating table," the Rep. Diane Black, anoth-
group of House Republi- tensions with North Korea. chanting "Nobel" as he talk- nomination letter stated. er signatory to the letter,
cans is seeking the Nobel Trump and North Korean ed about North Korea. Messer is running for the is running for governor in
Peace Prize for President leader Kim Jong Un are Rep. Luke Messer, R-Ind., Senate in Indiana, where Tennessee.q