(Reuters) - Congressional Republicans on Wednesday will stage their first outright challenge to 2010's Dodd-Frank financial regulation reforms with a fistful of bills favoring private equity firms, derivatives end-users and corporate CEOs.
After months of trying to defund and defang Dodd-Frank at the administrative level, Republicans are finally unveiling draft legislation that would repeal or amend parts of the laws approved after the severe 2007-2009 financial crisis.
The bills face a long road ahead. Republicans may be able to obtain House passage, perhaps with Democratic support on some issues. But Senate action could be hard to come by and the Obama administration could veto any measure it opposes.
"It's the first direct assault," said a congressional aide. "Up until now it's been about trying to deprive the agencies of what they need to implement Dodd-Frank."
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