Incoming Senate Minority Leader Chuck Schumer, drawing a line in the sand for the next administration, said he has the votes to stop President-elect Donald Trump from repealing the Dodd-Frank Act and “the rules we put in place to limit Wall Street.”
Schumer predicted that the Senate’s Democratic minority would get help from Republicans in any such fight. “We have 60 votes to block him,” Schumer said in an interview on NBC’s “Meet the Press.”
As a candidate, Trump said he would scrap Dodd-Frank, Congress’s attempt to legislate new rules that would prevent a repeat of the 2008 financial crisis. Following Trump’s victory on Nov. 8, his transition team said it will be "working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”
Schumer, a Democrat from New York, similarly predicted Trump would face defeat if he tried to repeal the Affordable Care Act, President Barack Obama’s signature health-care measure. But he expressed support for “dramatic change” in trade laws and for closing loopholes in the tax code, ambitions that may align with Trump’s.
“When we oppose Trump on values or this presidency takes a dark, divisive turn, we’re going to do it tooth and nail,” Schumer said in another interview on ABC’s “This Week With George Stephanopoulos," broadcast Sunday.
Democrats chose Schumer to serve as minority leader in the Congress that begins in January, succeeding Harry Reid of Nevada, who is retiring after five terms.
Schumer told "Fox News Sunday" in an interview taped on Friday that he and Trump had spoken twice since the election, including once about the possibility of "a major infrastructure bill."
Trump on Sunday morning tweeted “I have always had a good relationship with Chuck Schumer. He is far smarter than Harry R and has the ability to get things done."
Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
