The Hill News

Republicans in Congress will put forth a series to bills on Wednesday intended to roll back significant portions of the Dodd-Frank financial reform law, Reuters reported Monday evening.

The draft legislation -- the first that targets the financial reform law -- will go after regulations applying to executive pay disclosure, private equity firms and derivatives users.

{mosads}"It's the first direct assault," a congressional aide told Reuters. "Up until now it's been about trying to deprive the agencies of what they need to implement Dodd-Frank."

The final form o! f the legislation is not yet known, but like Republican efforts to repeal the healthcare law, the Democrat-led Senate could stop any bill repealing or amending key parts of the Dodd-Frank law. And even if it passed the Senate, President Obama could veto any measure he believes does damage to the underlying law. 

The Republicans' move still could make a significant statement against the financial reform law all but six of its members opposed in the last Congress. 

But the GOP has been much quieter about its efforts to challenge the Dodd-Frank law, meant as a response to the financial crisis. Republican lawmakers have loudly trumpeted their efforts to counteract the healthcare law, which they used against Democrats on the campaign trail in 2010.

A bill repealing the healthcare law was the first major piece of legislation to pass the House during the current Congress and GOP lawmakers have attempted to defund the law by attaching amendments to spendi! ng bills. 

One forthcoming bill would exempt private eq! uity fir ms from registering with the Securities and Exchange Commission, a regulation that Republicans claim places an unnecessary burden on the firms, according to Reuters.

Another proposal, Reuters reported, would exempt public corporations from disclosing the median pay of their employees, the CEO's total compensation and a comparison of the two.

The other bill eases new requirements on end-users of over-the-counter derivatives.