Financial Services Pa ===== = SS SS Republicans’ retention of the House and Senate majorities As Shelby did, Crapo is expected to maintainthe means that President-elect Trump will have partners in committee’s focus on rules and bodies created by the both banking committees to help implement an agenda Dodd-Frank Act, such as the Financial Stability Oversight heavy on deregulation. The new Senate Banking Council (FSOC) and the Consumer Financial Protection Committee chairman will be Mike Crapo (R-ID), who hasa Bureau (CFPB), which suffered a judicial setback when a solid working relationship with returning Ranking Member federal appeals court on October 11 ruled that its Sherrod Brown (D-OH) and could work productively with structure was unconstitutional. Crapo has also been him in a handful of areas. On the House side, Rep. Jeb skeptical of the new supervisory authorities the 2010 law Hensarling (R-TX) returns as chairman of the Financial gave the Fed to overseelarger banks and insurers that Services Committee. A fierce opponent of the 2010 are designated as systemically important by the FSOC. Dodd-Frank Act, Hensarling will have Trump’s support in Crapo could work collaboratively with Ranking Member renewing his effort to repeal and replace the Dodd-Frank Brown on a legislative follow-up to the Fed’s recent report Act and continuing the panel’s aggressive oversight of criticizing banks’ trading of physical commodities; one financial regulators. Given Republicans’ narrow majority obvious possibility is to repeal the merchant banking in the Senate, Democrats’ ability to filibuster exemption given to the holding companies for Goldman controversial bills in that chamber will make it difficult for Sachs and Morgan Stanley, as the Fed recommended. House and Senate GOP leaders to push through a broad Finally, a post-crisis system for housing finance —i.e., the dismantling of major elements of Dodd-Frank, something future of Fannie Mae and Freddie Mac —still loomsas the the