A top priority for the Trump administration has been to drive economic growth through tax reform and loosening regulations.
Regulators' emergency authority in the 2010 law has been a ripe target for the administration, because its repeal could have an impact on the federal budget. The Congressional Budget Office has said eliminating the regulation would create $15.2 billion in budget savings.
Sherrod Brown, the top Democrat on the Senate Banking Committee, warned against potential rollbacks.
"Any actions to undermine these protections encourage Wall Street's risky behavior and leave taxpayers and our economy exposed to another catastrophe," Brown said.
Former Federal Reserve Chairman Paul Volcker earlier this week expressed disbelief over the GOP's attacks on the Federal Deposit Insurance Corp.'s power to unwind a failing firm.
"I don't understand why?" Volcker, who is now chairman of the Volcker Alliance, said Wednesday at the Bretton Woods Committee meeting. "Is it because you don't trust the FDIC? That you're willing to take the risk. I don't understand why this is important."
A spokeswoman for the FDIC declined to comment.
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