Dodd-Frank

With the Senate finishing its work on a regulatory relief package, a showdown in the House still looms while critics of Dodd-Frank weigh whether this is their last shot at unwinding it.

Sen. Elizabeth Warren, D-Mass., introduced a bill to create a permanent law enforcement unit to investigate criminal activity at large banks, just as the Senate was close to passing a regulatory relief package.

Former Rep. Barney Frank rejected concerns voiced by other Democrats that a Senate bill rolling back some provisions of the Dodd-Frank Act will fuel another financial crisis.

Lawmakers on Tuesday continued debating a thicket of proposed additions to a crucial regulatory relief bill on their way to a final vote likely to occur as early as midweek.

The eventual pick will likely encounter heavy scrutiny from senators and, if confirmed, would take the helm of an agency still defined by turmoil nearly seven years after its creation.

A provision in the Senate's regulatory relief bill that would give manufactured housing retailers more leeway to make financing recommendations has consumer advocates concerned about potential lending abuses, while the industry contends it simply levels the playing field with real estate agents and homebuilders.

The Senate legislation could be crucial for three moderate Democrats backing the bill who are up for re-election this fall, although the package has divided the party more broadly.

Unable to come to an agreement on which and how many amendments will be offered to a Dodd-Frank regulatory relief bill, the Senate will have to return next week before voting on the legislation.

More than 50 amendments had been filed by Wednesday afternoon to be considered as part of a Senate regulatory relief bill, but it was unclear which proposed changes if any have the approval of the legislation's key sponsors.

The Dodd-Frank Act consolidated massive authority under the Consumer Financial Protection Bureau, but acting Director Mick Mulvaney wants the bureau to take a back seat to states and other federal regulators.