The lead Democrat on the House Financial Services Committee, Rep. Maxine Waters, is considering certain changes to the Dodd-Frank Act.

Although Waters maintains strong support for traditional Republican targets, she believes there is "room for modification" if the reform law were to be reopened. However, Democrats are reluctant to reopen Dodd-Frank, fearing the GOP might succeed in changing key provisions.

"I am not open to wholesale revisions to the act - or to dismantle it piece by piece," Waters told the Chamber of Commerce's annual capital markets conference in Washington. "However, where there are specific provisions of the act that have shown to be detrimental to our goal of creating transparency and stabilization, I'm open to discussing areas that require clarification."

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