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Do Something Congress: Dodd-Frank rollback passes

EDITORIAL
May 26. 2018 10:38PM




Don't look now, but the Republican Congress is showing signs of actually doing its job.

The House last week passed the 2019 National Defense Authorization Act with broad bipartisan support.

The Senate unanimously approved its update to Congress's sexual harassment standards.

The Senate is busily restocking the federal bench with conservative judges who will interpret the law as it is written, and not how they wish it had been written.

On Thursday, President Donald Trump signed a bill rolling back some of the most egregious regulations of the Dodd-Frank Act. The bill raises the threshold for undergoing annual stress tests from the Federal Reserve. Compliance costs were burdensome for small and midsized banks, providing an inherent advantage to the largest banks.

Dodd-Frank's excesses were so bad that even Democratic Sen. Jeanne Shaheen voted to pare back a law she supported. She was joined by Sen. Maggie Hassan and Rep. Anne Kuster, bucking the Democratic Party's liberal anti-business wing. Retiring Rep. Carol Shea-Porter was the only member of the New Hampshire delegation who voted to keep the crippling regulations in place.

There's plenty of dysfunction on Capitol Hill. The inability of the House Freedom Caucus to compromise on immigration reform has bottlenecked both DACA and the Farm Bill. The appropriations process remains a circus. Neither party is paying more than lip service to the nation's rapidly deteriorating fiscal condition, fueled by looming catastrophes in Social Security and Medicare.

But we'll take what we can get.

The upside of a President with no knowledge or interest in policy is that he'll sign just about anything Congress sends to him if he can claim it as a win. Republicans in Washington should be taking advantage of this window throughout the summer, delivering on what they've told voters they would do if given the chance.

Should they squander the opportunity, voters could slam the window shut, and return control of Congress to the Democrats. They will not be reluctant to put bills on Trump's desk for signature.


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