The bipartisan banking bill that cleared the U.S. Senate on Wednesday may be the banking industry's best hope yet for rolling back some of the Dodd-Frank Act's rules, but some attorneys say the legislation that's emerged doesn't exactly dismantle the landmark 2010 financial reform law.

President Donald Trump entered the White House promising to "dismantle" the Dodd-Frank Act, and Republicans in the U.S. House of Representatives made repealing and replacing the law a prime objective of their own version of a banking bill — the Financial Choice Act, which passed the House last year.

"For larger banks, it's not as dramatic a change in some of the Dodd-Frank provisions as the House bill," said Ballard Spahr Partner Scott A. Coleman.

"It is fair to say that it is much more targeted and much more specific in the way it addresses the issues," he said. "Even where there's overlap [with the Choice Act], the Senate bill is more target

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