Schumer Says He Has The Votes To Block Dodd-Frank Repeal; Threatens Supreme Court Filibuster Tyler Durden’s picture by Tyler Durden

One of the catalysts behind the surge in bank and financial stocks since the Trump victory, has been the market’s expectation that the new administration will repeal Dodd-Frank, and thus undo years of regulatory hurdles that have prevent banks from engaging in everything from prop trading to levering substantially higher, and have cost them billions in legal fees and settlements.
However, the market may be getting ahead of itself. In an interview Sunday on NBC’s ‘Meet the Press, Senate Minority Leader Chuck Schumer, drawing a line in the sand for the next administration, said he has the votes to stop President-elect Donald Trump from repealing the Dodd-Frank Act and ‘the rules we put in place to limit Wall Street.’
Schumer, who was picked by Senate Democrats to serve as minority leader following the retirement of Harry Reid, said he expects that the Senate’s Democratic minority would get help
from Republicans in a fight to preserve Wall Street regulations: ‘We have 60 votes to block him,’
Schumer calculated.

This post was published at Zero Hedge on Nov 20, 2016.