Manufactured housing professionals, hoping to successfully modify Dodd-Frank, are watching these developments with keen interest.
Representative Kevin Yoder (R-Kansas), who spearheaded changes to the Dodd-Frank financial law’s regulation of swaps transactions says to expect more pro-business changes in next year’s spending bills.
Yoder said in a telephone interview with Bloomberg Government’s Congress Tracker, “This bipartisan success shows a pathway to solving other issues in the financial services area.”
The Yoder provision, inserted into the 2015 omnibus spending bill, will allow some companies to forgo spinning off their swaps activities to non-bank affiliates, and maintain access to federal assistance.
The tactic of attaching changes to Dodd-Frank language to an urgent spending bill could be repeated when lawmakers again try to get government funding in place by Oct. 1 2015 to avoid a partial federal shutdown.
Taking on Senator Elizabeth Warren and her populist forces is a new role for Yoder, although he’s already demonstrated a certain amount of fearlessness. Until this month, he was most widely known for jumping naked into the Sea of Galilee during a congressional delegation trip to Israel.
Surprisingly, former U.S. Representative Barney Frank (D-Massachusetts), has said privately to MH supporters that he would support pro-MH changes to Dodd-Frank. Frank was long known as a pro-MH leader in Congress.
Among the questions out there in the ranks of manufactured housing professionals is can this modification of Dodd-Frank be a signal of good things to come for the industry on the regulatory front?
In an upcoming exclusive interview with MHProNews, a successful and respected MH industry leader with deep ties to the Manufactured Housing Institute (MHI) doubts the industry will have much success on Dodd-Frank changes. Others in MH are more hopeful. Time will tell. ##
(Editor’s Note: While the clock has run out on HR 1779 and S 1828, this article linked here gives a comprehensive overview of manufactured housing leader thinking on reforms needed to Dodd-Frank to protect manufactured home owners and promote more affordable MH sales.)
(Barney Frank photo credit: Getty Images/CNN News)
