President-elect Donald Trump recognizes that full repeal of the Dodd-Frank Act is unlikely, though he supports a House effort to make significant changes, according to a former banker who was on the shortlist to be Treasury secretary.

John Allison, who recently met with Trump and several advisers while being vetted for the Treasury post, said the incoming administration is inclined to back the proposed Choice Act even though they would like to go further in altering Dodd-Frank.

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