Dodd-Frank fixes top financial industry group’s agenda

“The passage of the Dodd-Frank Act last year brought greater clarity to the financial services industry. The Roundtable will focus our efforts in 2011 on technical corrections to the bill, as well as work with regulators in implementing the new law,” said Steve Bartlett, president and chief executive officer of the group.

As part of that effort, the Roundtable is going to be pushing for changes to a provision of the Dodd-Frank law that dramatically curtails the amount of fees banks can charge merchants for swiping their debit cards. The provision requires the Federal Reserve to draft rules limiting the so-called “interchange fees,” and a proposal offered by the central bank could slash those fees by more than 70 percent.

The matter has been the subject of heated debate between merchants and banks. Some lawmakers, including Rep. Barney Frank (D-Mass.), have indicated a willingness to revisit the provision in the new Congress.

The group will also encourage legislative changes to troubled mortgage
giants Fannie Mae and Freddie Mac, insurance reform and financial
education. It plans to delve into the tax reform debate, focus
on deficit reduction, and push trade agreements.