Here's the latest indication Wall Street regulations won't begutted anytime soon: Republicans who write financial laws arestarting to focus on other things.

The Senate Banking Committee, led by Mike Crapo, is scheduled toconsider a measure Thursday about publishing research onexchange-traded funds, and a collection of other narrow bills withbipartisan support.

In the House, the Financial Services Committee will hold ahearing about flood insurance, further stalling the rollout ofChairman Jeb Hensarling's plan to eliminate laws enacted inresponse to the financial crisis of 2008.

Reality is setting in on Capitol Hill that rolling back theDodd-Frank banking law won't be quick or easy — even though it's apriority for Republican President Donald Trump, who says themeasure is hurting the economy. Bank stocks have rallied partlybecause investors expect change.

Congress is bogged down by high-profile fights over replacingObamacare and rewriting tax laws, leaving little capacity for abattle over Wall Street. Republicans, who control both chambers ofCongress, don't have a plan for rewriting financial rules thatwould be likely to attract support from Democrats, something that'sneeded to advance most major bills in the Senate. Democrats say theexisting laws are needed to prevent another financial meltdown andprotect investors.

“I do not think they will get any substantial legislative changethrough the Congress,” Barney Frank, a former Democratic lawmakerwho served as chairman of the Financial Services Committee, saod inan interview with Bloomberg Television. “Except areas where theremight be some agreement — give a little relief to midsize banks andsmaller banks in ways that don't in any way undermine theregulatory framework.”

That's not good news for big U.S. banks like JPMorgan Chase& Co., whose executives have called for legislation easing theVolcker Rule's ban on proprietary trading. Crapo, a key powerbroker in the Senate who will be crucial to advancing any bankingmeasures, has said there are limits to changes he'll be able tonegotiate with Democrats.

Crapo's need to generate goodwill with Democrats could helpexplain why he's moving forward with a handful of bipartisan,noncontroversial bills that could give a political boost to ahandful of lawmakers on the panel, including Democrats, who arefacing tough re-elections next year.

“I do want to have the committee to start working and beeffective,” Crapo, of Idaho, said in an interview. “I want thecommittee to start finding those areas of common ground.”

One of the bills that Crapo's panel will debate on Thursdayallows broker-dealers to publish research on exchange-traded funds,securities that track an index or basket of assets. Another billwould allow more investors to qualify to buy into funds thatfinance start-ups and other private companies.

Refunding Fees

Also on the agenda: a measure encouraging businesses to giveemployees bigger stakes in their private companies by reducingpaperwork disclosure requirements. And another telling the U.S.Securities and Exchange Commission that it must repay excess feesit charges to stock exchanges, in the event the agencyovercharges.

Republican Dean Heller, who sponsored several of the bills, isup for re-election next year in Nevada, a state that HillaryClinton won in November. Other co-sponsors include moderateDemocrats such as Heidi Heitkamp of North Dakota, and Joe Donnellyof Indiana, who are also under pressure to demonstrate achievementsin Washington as they gear up for tough re-elections next year instates that voted for Trump.

Hensarling's committee is also debating companion legislation onissues which have received bipartisan support in the past, a rarityin the Republican-controlled House.

Trump, who has called Dodd-Frank a “disaster,” signed anexecutive order last month instructing regulators to examinefinancial rules and file a report on their findings. Theadministration's efforts to attack financial rules will take shapeas Trump fills vacancies at key federal agencies, like theFederal Reserve, said Mark Calabria, Vice President Mike Pence'schief economist, at a conference in Washington on Tuesday.

Hensarling introduced his Financial Choice Act last year, whichtakes a red pen to most of the post-crisis rules, includingeliminating the Volcker Rule's ban on certain investments, theFinancial Stability Oversight Council's ability to label firms thatpose risks to the wider financial system, and regulators' abilityto intervene when banks fail.

Hensarling has promised that overhauling Dodd-Frank is a “thisyear priority” for the White House and Congress. But he hasn'tintroduced an updated version of his plan, even though otherlawmakers on the committee have said they expected it would bereleased last month. Crapo has not unveiled a plan either, but hassaid that his top priorities include easing rules for communitybanks and freeing regional banks from some of the most stringentrequirements applied to lenders with more than $50 billion inassets.

Anticipating opposition by Democrats, some Republicans arealready talking about going it alone when it comes to majorDodd-Frank changes, and trying to shoehorn them into a budgetreconciliation bill that would require a simple majority to pass.There's not much room on the Senate calendar for debate about WallStreet given other priorities, including the confirmation ofTrump's nominees for government positions.

“Changes to the Dodd-Frank Act are second-tier agenda items andare unlikely to pass Congress in the near term,” said BrianGardner, an analyst at Keefe Bruyette & Woods, who expects moreactivity to happen at the banking agencies. “Improvement in theregulatory regime is likely to be subtle and not seen by thepublic.”

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