Romney had pledged to repeal the Dodd-Frank act should he win in November, but recent speeches indicate he’d take the same tack as Congressional Republicans and Wall Street: reforming or rejecting sections piece by piece as opposed to an all-out repeal. On the wish list of items to go are the restrictions that will cost big banks billions in annual revenue—including swaps and the Volcker rule. The act’s boost in federal deposit insurance and resolution authority—how and when the government can seize struggling banks—can stay. But even if Romney wins and Republicans take the Senate, there will most likely be enough Democrats to filibuster any attempt to repeal or reform Dodd-Frank.

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