Republican Fiorina calls for scrapping Wall Street oversight law

Reuters News
Posted: Apr 09, 2015 11:32 AM

WASHINGTON (Reuters) - Republican Carly Fiorina, a potential 2016 U.S. presidential candidate, has called for the massive Wall Street oversight law to be tossed out, saying in an interview with the Washington newspaper The Hill that it would not prevent another financial crisis.

Fiorina said in the video interview, which was released on Thursday, that the 2010 Dodd-Frank law had not eliminated the problem of too-big-to-fail banks that need government bailouts when a crisis hits.

"We should get rid of Dodd-Frank and start again," Fiorina said in the video. She said lawmakers should instead focus on revamping the many regulatory agencies that oversee the financial system.

The former Hewlett-Packard Co chief executive, who ran unsuccessfully for the U.S. Senate in 2010, has said she is strongly considering a presidential run.

Fiorina, who was one of the most powerful women in American business until her ouster in 2005 from the information technology company, will likely highlight her business background as a key qualification that other candidates lack.

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Most U.S. Republicans have also criticized the Dodd-Frank law. Mitt Romney, the party's 2012 nominee for president, also vowed to repeal it.

(Reporting by Emily Stephenson; Editing by Mohammad Zargham)