Lawmaker: Dems might roll back watchdog agencies under GOP president

Democrats have indicated they may be more interested in reining in a pair of federal agencies created under Dodd-Frank if a Republican is elected to the White House, according to a lawmaker who recently passed legislation to that effect in the House.

Rep. Tom Emmer, R-Minn., who is seeking congressional oversight for the two agencies responsible for designating entities that are "too big to fail," made the comment in an interview with the Washington Examiner. Those self-funding agencies are presently run by 10 presidential appointees, meaning that since their creation in 2010, they have operated as an effective arm of the White House, free of congressional intervention.

Emmer's proposal to end their self-funded status, H.R. 3340, passed the House 239-179 in April, though it won just one vote from a Democrat. It's awaiting action in the Senate, where it may need to win more than one member of the opposition to pass.

"I can tell you the Democrats I've talked to, we had a bunch of support even though we didn't get their support on the floor," Emmer said. "Ultimately we have an obligation to provide congressional oversight, and the Democrats that I've talked to when we had this discussion, they not only agreed on that, but they made a point of, is if there's a Republican president how happy are they going to be if it continues this way?"

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